The Reserve Bank of India cautioned the general public that users or traders of virtual currencies are doing so at their own risk. RBI in its press release today said that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual…
RBI today announced that the limits placed on cash withdrawal from current accounts/cash credit accounts/overdraft accounts stand withdrawn with immediate effect.The limits on Savings Bank accounts will continue at present and are under consideration for withdrawal in the near future. Limits on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks are…
RBI in its circular no, RBI/2016-17/213/DCM (Plg) No.2559/10.27.00/2016-17 dated January 16, 2017, announced that; The withdrawal limits of cash from ATMs is increased to Rs 10000/- per day per card from the current limit of ₹ 4,500/-.(It will be operative within the existing overall weekly limit of Rs.24000/-). The withdrawal limits from current accounts is…
In view of cash supply to rural areas at present are not commensurate with the requirements of rural populations, RBI advised banks to take steps to ensure that at least 40% banknotes are supplied to rural areas. In terms of RBI notifications the Banks, that all Chests operating in a district level should augment the…
The Reserve Bank of India has introduced a facility of exchange now defunct Rs.500/-& Rs.1000/- notes to those who were abroad during November 9, 2016, to December 30, 2016. In terms of RBI circular dated December 31, 2016; the following categories of individuals can exchange defunct Rs.500/-& Rs.1000/- notes with effect from January 2, 2017.…
RBI vide its circular no.DCM (Plg) No. 2142/10.27.00/2016-17 dated 30.12.2016 reviewed daily Cash withdrawal limits from ATMs with effect from January 01, 2017. The new limit for cash withdrawal is enhanced from the existing ₹ 2500/- to ₹ 4500/- per day per card.There is no change in weekly withdrawal limits.Such disbursals should predominantly be in…
(The list of holidays and festivals in Indian for all states/UTs of India during 2017) Indian bank holidays are declared under explanation to section 25 of the Negotiable Instrument Act 1881. These holidays are declared separately by each administration of various Union Territories and State Governments. Bank holidays declared by a state/UT is observed only…
Today (21/12/2016), Reserve Bank modified its circular DCM (Plg) No. 1859/10.27.00/2016-17 dated December 19, 2016. In terms of the modification to said circular the provisions of sub para (i) and (ii) will not apply to fully KYC compliant accounts. Hence the bank officials and the general public are greatly relieved from the exclusion of following…
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…