RBI extends SAARC Currency Swap Arrangement till November 14, 2017
RBI today (February 23, 2016) announced the extension of SAARC Currency Swap Arrangement till November 14, 2017. The RBI press release said that the above decision was taken in order to promote financial stability and economic cooperation within the SAARC region. The swap framework provides a backstop line of funding for the SAARC member countries…
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Online submission of Form A2 is now allowed
Henceforth the customers of banks may submit Form A2 through online. RBI in its communiqué to Foreign Exchange Dealers (February 11, 2016) who offer internet banking facility to their customers informed that the Authorised Dealers (ADs) may allow online submission of Form A2. Further they may also enable uploading/submission documents if required for establishing the…
Read articleDA (Dearness Allowance) for Bank employees for the quarter Feb’16- Apr’16
On the basis of CPI data announced by the Government for the month of October, November & December 2015, as tabled below, the Dearness Allowance (DA) payable for the period of February’16 to April ‘16 is an increase of 28 DA Slabs at a rate of 0.10% per slab. DA for bank employees and officers…
Read articleExchange of pre-2005 bank notes extended
RBI on its communique dated February 11,2016 informed that the date for exchanging the pre-2005 banknotes is extended up to June 30,2016. Since these banknotes will be withdrawn from the circulation the members of public were requested by the Apex bank to exchange such notes at identified bank branches or issue branches of RBI. Banks…
Read articleRTGS service charges revised
RBI in its communiqué dated Febraury 4, 2016 has advised that with effect from April 1, 2016, the structure of RTGS service charges levied on member banks as well customers of banks. In the new structure, the monthly membership fee to Scheduled Commercial bank will be Rs.5000 + service tax. The processing charges per outward transaction will…
New definition of “Currency”
As per RBI notification dated December 29, 2015 (G.S.R.No.1008 (E) the Debit cards, ATM cards or any other instrument which can be used to create a financial liability may be defined as currency. The above notification of RBI supersedes its earlier notification no. FEMA 15/2000-RB,
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