RBI vide its notification dated November 28,2016, announced that the general public is allowed withdrawal of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits. The amount of cash will be made available preferably in higher denominations (₹ 2000 and ₹ 500/-) for such withdrawals. RBI communiqué says that…
Time and again rumours appear in social media that banks will not accept currency notes with scribbling on them. RBI has been giving denial statements of having issued such notifications. In fact dismissing the above types of romours, RBI Governor on December 15, 2015 had issued a statement in an audio message assuring members of…
Breaking News No exchange of defunct Rs.500/- and Rs.1000/- from tomorrow. The government announced that exchange of old 500 and 1,000 rupee notes in banks and post offices will be stopped starting midnight. The public can go to banks to deposit their old bills in their bank accounts and withdraw under the current limits. Government…
With effect from November 25,2016, all banks may deposit SBNs directly with the offices of RBI under whose jurisdiction they are located. These SBNs (defunct Rs.500/- & Rs.1000 notes) will remain, in the vaults of RBI, under the lock and key of the depositing banks till taken up for examination. The notes deposited by the banks…
One more decision on SBNs: Reserve Bank’s latest circular (dated 23/11/2016) to all the commercial banks, foreign banks, RRBs, State & Urban co-operative banks advised about the Government’s decision that the subscribers of Small Savings Schemes may not be allowed to deposit SBNs (defunct Rs.500/- & Rs.1000/-) in Small Savings Schemes. Banks are, therefore, advised…
The working capital gap in simple words is the difference between total current assets and total current liabilities other than bank. It can also be defined as Long term sources less long term uses. Working capital gap= Current assets – current liabilities (other than bank borrowings) For example,Currrent if current asset is 100 and current…
Latest update: November 22,2016. RBI has further amended the cash withdrawal rules which are as under Cash withdrawal for purpose of celebration of wedding: The drawer of money shall submit a detailed list of persons to whom the cash withdrawn is proposed to be paid indicating the purpose where the amount is Rs.10000/- and more, together…
(This post elucidates information on who can open EEFC account, the documents required for opening EEFC account, what are the permissible credits and permissible debits allowed in the EEFC account) What is EEFC account? Ans.: EEFC account is the abbreviation of Exchange Earners Foreign Currency account. In this account the account holder maintains a current…
The Government of India has today announced several measures to tie down the difficulties in exchange of notes and cash withdrawals Highlights; Exchange limit lowered to Rs.2000/- from Rs.4500/-: Breather f or farmers and celebrators of wedding ceremonies. The Government of India today lowered the exchange limit of non-operational Rs.500/- and Rs.1000/- notes to Rs.2000/-…
The Reserve Bank vide its circular RBI/2016-17/133/DCM (Plg) No. 1280 /10.27.00/2016-17 put in place a Standard Operating Procedure (SOP) for the exchange of Specified Bank Notes (SBNs). Banks are advised to take following measures: While exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger…