FAQs on opening EEFC accounts
(This post elucidates information on who can open EEFC account, the documents required for opening EEFC account, what are the permissible credits and permissible debits allowed in the EEFC account) What is EEFC account? Ans.: EEFC account is the abbreviation of Exchange Earners Foreign Currency account. In this account the account holder maintains a current…
Read articleGovernment 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/-…
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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…
Read articleBreaking 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…
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Bank notes exchange misery may continue for some more time
Pursuant to demonetization of Rs.500/- and Rs.1000 currency notes, the task of providing exchange facility and withdrawal of cash from bank branches all over the country cast a huge responsibility on the workmen and officers of the bank. In spite of toiling beyond normal business hours and also sacrificing weekly off on Saturday & Sunday,…
FAQs on exchange of old ₹ 500 & ₹ 1000/-notes,and other cash, non-cash transactions in banks
(Things to know about exchange of notes and withdrawal of cash and other transactions at the bank counter.) Many people still have confusion over how to exchange existing ₹ 500 & ₹ 1000/-notes in their possession and restriction on withdrawal of cash from the account and ATM. RBI has come out with guidelines on exchange…
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