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/-…

Indelible ink on the finger of the customers as SOP for exchanging defunct notes

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…

Breaking news: Exchange of notes and withdrawl of cash limit increased

After a review by finance ministry the government tonight eased key restrictions including raising daily withdrawal limit from bank counters and ATM as well as increasing the amount of old and now non-operational currency notes that can be exchanged. RBI also ide its notification no.DCM (Plg) No.1272/10.27.00/2016-17 dated November 13, 2016, advised the Banks to make…