RBI press release dated 08.11.2016 (withdrawal of ₹ 500 and ₹ 1,000 denominations of banknotes)
Government of India vide their Notification dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank till 8th November 2016. The communique states that the above step was necessitated to tackle counterfeiting Indian banknotes, to effectively…
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Dispensation of Rs.100 denomination banknotes through exclusive ATMs
In a reviewed step to its circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Distribution and Exchange Scheme (CDES), RBI has instructed all commercial banks to increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use within 15 days from the date of…
Read article23 slabs DA increase for workmen and officers of banks
Dearness Allowance payable to employees/Officers is 478 slabs of DA for November 2016, December 2016 and January 2017 in terms of confirmed CPI for July, August and September 2016. It means an increase of 23 slabs over the current level. Thus, the percentage of DA payable to employees/Officers for the months of November 2016, December…
Read articlePublishing of photographs of declared wilful defaulters
The penal measures that can be taken against wilful defaulters are outlined in RBI circular DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015. In this regard, RBI made an observation that the Photographs of defaulters/guarantors are published indiscriminately by some of the lending institutions. In this context, the apex bank has directed lending institutions as under. (i) A…
Read articleIncome Declaration Scheme, 2016 – Banks must accept large amount of Cash without any conditions
The Income Declaration Scheme, 2016 has come into effect from June 1, 2016. Under the said scheme, the declarants may pay their tax dues in cash at the Bank counters. In this connection, RBI invites attention to its circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, wherein banks have been advised to ensure that their branches invariably accept…
Sovereign Gold Bonds 2016-17 – Series II open for subscription
Government of India has, vide its Notification F.No. 4(7)-W&M/2016 dated August 29, 2016, announced that the Sovereign Gold Bonds 2016 – Series II (“the Bonds”) will be open for subscription from September 01, 2016 to September 09, 2016.The issue price of the Sovereign Gold Bond 2016-17 Series II tranche has been fixed at ₹ 3150/-…
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