RBI press release dated 08.11.2016 (withdrawal of ₹ 500 and ₹ 1,000 denominations of banknotes)

Government of India vide their Notification dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank till 8th November 2016. The communique states that the above step was necessitated to tackle counterfeiting Indian banknotes, to effectively…

Publishing of photographs of declared wilful defaulters

The penal measures that can be taken against willful defaulters are outlined in RBI circular DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015. In this regard, RBI made  an observation  that the Photographs of defaulters/guarantors are published indiscriminately by some of the  lending institutions. In this context, the apex bank has directed lending institutions as under. (i) A…

Income Declaration Scheme, 2016 – Banks must accept large amount of Cash without any conditions

The Income Declaration Scheme, 2016 has come into effect from June 1, 2016. Under the said scheme, the declarants may pay their tax dues in cash at the Bank counters. In this connection, RBI invites attention to its circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, wherein banks have been advised to ensure that their branches invariably accept…

Mandatory certification for the staff manning key responsibilities in Banks

The Apex bank after examining the recommendations of the Shri G Gopalakrishna (former Executive Director of RBI)  committee on ‘Committee on Capacity Building in Banks All India financial Institutions’ in detail, decided  that recommendations pertaining to the banks may be implemented by the banks based on their organisational objectives and business strategies, after taking approval…