Banks cannot decline to accept the coins minted by the Government
In a rejoinder to widely spread Social media rumours about RBI’s declaration of ₹ 10 coins as invalid, the central bank vide its press release no.RBI/2016-2017/1257 dated Nov 20, 2016, advised members of the public not to give credence to such ill-informed notions as well as ignore them and continue to accept these coins as…
Read article
RBI buckles again, changes rules for depositing SBNs (demonetized Rs.500/- & Rs.1000/-) into bank accounts
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…
Read article New restriction on deposit of Specified Bank Notes (old Rs.500/- & Rs.1000 notes) into bank accounts
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…
Read article
Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016
(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…
Read article
How to open bank account under e-KYC process
The customers, both deposit and borrowal accounts can open the bank account using OTP based e-KYC. The Reserve Bank made the amendments to ‘Principal Directions on KYC ‘(Know Your Customer (KYC)) Directions, 2016 (Master Direction No.DBR.AML.No.81/ 14.01.001/2015-16 dated February 25, 2016) with effect from December 8, 2016. In terms of the e-KYC amendments now made…
Restrictions on withdrawal of cash from PMJDY accounts
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…
Read article