You cannot deposit Rs.1000/-& Rs 500/-(defunct) in small savings scheme

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…

Government relaxes Cash withdrawal norms for farmers and marriage celebrations

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/-…