Demonetization - Page 20

Banks to preserve CCTV recordings from Nov 08 to Dec 30, 2016

RBI/2016-17/181 DCM (Plg) No. 1712/10.27.00/2016-17 (13/12/2016)

Banks are advised to preserve CCTV recordings of operations at bank branches and currency chests for period from November 08 to December 30, 2016...

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Cashless Economy- Are we ready?

After Demonetisation, the sole emphasis of the Government is on Cashless Economy or Digital payments. The bold step of demonetisation taken by the PM would become a nullity if the whole country does not adopt cashless transactions. The government wants every citizen to open bank account and use the option of debit cards, credit cards [&he...

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Posted Under: Fema / RBI |

Banks to Send branch-wise report on detection of counterfeit note: RBI

RBI/2016-17/179 DCM (Plg) No. 1679/10.27.00/2016-17 (12/12/2016)

Counterfeit notes detected in the SBNs received in exchange and deposits should be kept branch-wise, in a secured and segregated manner, so that further analysis, as necessary, can be conducted at a later stage....

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Modiji’s new monetary architecture for seamless growth, scamless politics

The overwhelming finance sector reforms have begun transforming the system as New Deal. Currency crunch is still a problem, digital reach and efficiency not sufficient, yet the popularity of the measure, peoples patience to make it succeed and Prime Minister’s passionate appeals have created the atmospheric for monetary reform....

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Posted Under: Fema / RBI |

No truth in rumours of AXIS Bank License Cancellation: RBI

Press Release: 2016-2017/1487 (12/12/2016)

RBI clarified that it has not initiated any action to cancel banking licence of Axis Bank in wake of certain allegations about some serious irregularities in transactions relating to deposit/exchange of Specified Bank Notes in a few branches of the bank....

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Maintain Records of Serial No. of new note issued by currency chests

RBI/2016-17/180 DCM (Plg) No. 1683/10.27.00/2016-17 (12/12/2016)

Banks are advised to maintain, at the Currency Chest level and at link branches level, a Daily Record of Issuances showing serial numbers of Mahatma Gandhi (New) Series banknotes in the denominations of ₹ 500 and above received from RBI as remittance...

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Denomination Policy of existing Rs 500 and Rs 1000 notes

In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs. 500 and Rs. 1,000 denominations of Bank Notes of the existing series issued by Reserve Bank of India shall cease to be legal tender with effect from November 9, 2016, to the extent specified in the Notification. ...

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Posted Under: Fema / RBI |

Reflect correctly cash deposit in old and new currency on deposit slips

Bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about the same; Action taken in this regard be reported by 16.12.2016....

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Posted Under: Fema / RBI |

Post Demonetization: Increase turnover decrease tension in Income Tax

Central government is taking various initiatives to reduce transactions in cash thereby increasing transactions through banks. So in F.Y. 2016-17 what will be effect of all this and on income tax provisions?...

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Posted Under: Fema / RBI | ,

Demonetisation: ICAI issues revised advisory for members after criticism

ICAI has revised it advisory and removed the part which advises members to  not to share /write any negative personal views by way of an article or interview on any platform regarding demonetisation. ANNOUNCEMENT For attention of Members Demonetisation Policy announced by Government of India- An Advisory for Members As you may be aware, ...

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Posted Under: Fema / RBI |
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