You 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for purpose of celebration of wedding: The drawer of money shall submit a detailed list of persons to whom the cash withdrawn is proposed to be paid indicating the purpose where the amount is Rs.10000/- and more, together…
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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…
Breaking 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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