For protecting the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, RBI has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes … Continue reading “RBI precautions for bank accounts under Jan Dhan Yojana”

RBI has allowed withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits. Available higher denominations bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals. Source: www.rbi.org.in

Reviewing the current liquidity conditions after the withdrawal of legal tender status of ₹ 500/- and ₹ 1000/- denominations of bank notes issued by the Reserve Bank of India till November 8, 2016 (SBN), RBI has decided to issue a directive under section 42(1A) of the Reserve Bank of India Act, 1934 requiring all Scheduled … Continue reading “Requirement for maintaining additional CRR”

RBI vide circular dated November 24, 2016 has decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016. Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts. Banks shall also … Continue reading “No over the counter exchange of SBNs after midnight of November 24, 2016”

The CBDT has recently entered in four more advance pricing agreement on 22nd and 23rd November, 2016. With this signing of agreement the total of APAs reached to 115 in number. This includes 7 Bilateral APAs and 108 unilateral APAs till date. The recently signed four APAs  pertains to various sectors of the economy like … Continue reading “Signing of Four Unilateral Advance Pricing Agreement by CBDT”

Government of India has decided that subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Therefore, RBI has advised banks not to accept SBNs for deposits in Small Saving Schemes with immediate effect. Source: www.rbi.org.in

As the Rabi crop season has already commenced and it is imperative that farmers are adequately supported financially to ensure unhindered farming operations. It is estimated that about ₹ 35,000/- crore would be required by the DCCBs for sanction and disbursement of crop loans to the farmers at the rate of ₹ 10,000/- crore per … Continue reading “RBI making cash available for Rabi Crop Season”

Submitted by business_centrik on 22/11/2016 RBI vide its circular dated November 21, 2016 has allowed farmers to draw upto ₹ 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms. RBI has also allowed all current account holders … Continue reading “RBI revised the withdrawal limits for Farmers & Traders”

RBI has decided that the limit of exchange of SBNs in cash, across the counter of the banks shall be ₹ 2000 with effect from November 18, 2016 and this facility shall be available only once per person. Please refer the attached circular for more details. Source: www.rbi.org.in RBI- Revison of exchange limits.PDF

Central Government has decided to permit families celebrating weddings to draw upto Rs. 250,000/- in cash from their own bank accounts. However, the amounts can be drawn only by either of the parents or the person getting married. Also, it has been decided that farmers would be permitted to draw upto Rs. 25000/- per week in … Continue reading “Withdrawal limits for Weddings and Farmers”

RBI vide its circular dated November 08, 2016 has specified all the banks to send daily report to RBI with details of Specified Bank Notes (SBNs). However, RBI has observed that the banks are sending the reports with significant delay causing severe inconvenience in collation and consolidation of data at RBI. Therefore, the banks are … Continue reading “Delay in daily reporting of banks to RBI”

RBI vide its circular dated 15.11.2016 has expressed the need to put in place a Standard Operating Procedure (SOP) for such exchange of Specified Bank Notes (SBNs). Henceforth, while exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to … Continue reading “Standard Operating Procedure (SOP) for putting indelible ink on the finger of the customers coming to a bank branch for SBNs”

RBI instructed all scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, to remain open for public on Saturday, November 12 and Sunday, November 13, 2016. Banks shall keep all their branches open on November 12 and13, 2016 as regular working days for transacting all business. Banks may give … Continue reading “All banks to remain open on November 12 and 13, 2016”

RBI vide its circular dated 10.11.2016 has fixed an overall limit of ₹ 10,000/- per day subject to an overall limit of ₹ 20,000/- a week for cash withdrawals from a bank account over the counter from the date of the notification until the end of business hours on 24th November, 2016, after which these limits shall be reviewed. Please … Continue reading “RBI limits on withdrawal of cash”

To control the rising incidence of fake notes and black money, the scheme to withdraw high denomination notes has been introduced by RBI. High denomination notes have been misused by terrorists and for hoarding black money. Therefore the notes of denominations 500 and 1000 stand withdrawn. Consequently, high denomination (old) notes cannot be used for transacting … Continue reading “RBI steps ahead to curb black money”