RBI Circular Notification Press Release and Instructions issued by Reserve bank of India. News and Article on provisions, Rate changes, Policy changes and FAQ
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November 8, 2016 will perhaps go down in history as the day India ushered in the most comprehensive finance sector reform that transformed the country as never before.
Prime Minister Narendra Modi’s bold move to demonetize high value currency notes to curb black money and corruption signals his resolve to take on high and mighty ignoring political minefield.
Central Government hereby appoints the 22nd day of November, 2016, as the date on which the provision of section 229 (Power to recover arrears of penalty.) of the said Act shall come into force.
#Demonetisation Traders registered with APMC markets / mandis can draw up to 50,000 and Farmers allowed to draw upto ₹ 25000/- per week in cash
#Demonetisation-To enable wedding celebration by parents of their wards RBI allowed cash withdrawals upto Rs. 2.50 Lakh from bank a/cs for wedding expenses
#Demonetisation -It has been decided to provide an additional 60 days beyond what is applicable for recognition of a loan account as substandard
#Demonetisation -Holders of current / overdraft / cash credit accounts, which are operational for last 3 months or more, may now withdraw upto ₹ 50000 in cash, in a week.
Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 18, 2016 amounted to ₹ 5,44,571 crore (exchange amounted to ₹ 33,006 crore and deposits amounted to ₹ 5,11,565 crore). They have also reported that the public have withdrawn, during this period, ₹ 1,03,316 crore from their accounts either over the counter or through ATMs.
#Demonetisation The aim of measure is to combat corruption, black money, counterfeit currency and terrorist financing. Officers shall be alert to any attempts being made to thwart these objectives
Govt decided to allow farmers to purchase seeds with old high denomination bank notes of Rs.500 from Centres,Units or Outlets belonging to Central or State Governments, PSUs, National or State Seeds Corporations, Central or State Agricultural Universities and ICAR, on production of proof of identity.
