All scribbled currency notes are not illegal- RBI
Time and again rumours appear in social media that banks will not accept currency notes with scribbling on them. RBI has been giving denial statements of having issued such notifications. In fact dismissing the above types of romours, RBI Governor on December 15, 2015 had issued a statement in an audio message assuring members of…
Read articleNo exchange of defunct Rs.500/- and Rs.1000/- from tomorrow
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…
Read articleNew scheme for depositing Specified Bank Notes (SBNs) collected by the banks
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…
Read articleYou cannot deposit Rs.1000/-& Rs 500/-(defunct) in small savings scheme
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…
Read articleRBI Modifies cash withdrawal rules
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for purpose of celebration of wedding: The drawer of money shall submit a detailed list of persons to whom the cash withdrawn is proposed to be paid indicating the purpose where the amount is Rs.10000/- and more, together…
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…
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