RBI has today (19/12/2016)placed certain restrictions on deposits of SBNs into bank accounts. Under the new rule, the tenders of SBNs in excess of ₹ 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after…
(The scheme for converting black money into white) The black money (undisclosed money) holders in India need not hoard them anymore. The Government of India has now brought a new scheme called ‘Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016’. Under the Scheme, any person who declares his/her undisclosed income under sub-section (1) of section…
As a matter of precaution, banks are advised by RBI today (November 30, 2016) to observe the following measures in respect of PMJDY accounts. (i) The account holders who have fully complied KYC norms may be allowed to withdraw Rs.10000/-from their accounts in a month. However, based on the genuineness of withdrawals the branch manager may…
In view of massive quantity of Specified Bank Notes (SBNs) accumulated in currency chests, RBI has revisited to its old instruction (circular. DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009) and advised banks that SBNs deposited in the currency chests, since November 10, 2016 will be considered as part of the chest balance in the…
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…
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…
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…
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/-…