Demonetization - Page 4

Specified Bank Notes– Chest Balance / Cash Holding Limit

DCM (Plg) No.3217/10.27.00/2016-17-RBI (13/02/2017)

As indicated thereat, a review was undertaken and it has been decided that till further instructions SBNs deposited in the currency chests, since November 10, 2016, will be considered as part of the chest balance in the soiled note category but such deposits will not be reckoned for calculating Chest Balance Limit / Cash Holding Limit....

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Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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Posted Under: Fema / RBI |

Cash Transaction 2016 – Frequently Asked Questions

If the information displayed under "cash transactions 2016" does not belong to me, what should I do? Ans: In that case, you can select the response The account does not relate to this PAN and click on submit button. Your feedback will be sent to the information source for confirmation....

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Posted Under: Fema / RBI | ,

No limit on cash withdrawal from 13.03.2017; ₹50000 from 20.02.2017

RBI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 (08/02/2017)

Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts....

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Surgical strike on cash transactions by financial bill, 2017

After the demonetization government not stopped but continuously makes effort to reduce cash transactions and leads India to a digitalised and transparent economy either by providing subsidy or making laws. On 01.02.2017 Finance Minister presented Budget 2017 which also contains such provision to curb the use of Cash...

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Posted Under: Fema / RBI |

How to submit deposit details in Form V (PMGK Deposit Scheme 2016)

As per para 7(2) of the PMGK deposit Scheme, 2016, the Authorised banks are required to furnish electronically the details of deposits made under PMGK in Form V not later than next working day to enable the Department to verify the information of the deposit before accepting the declaration....

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Posted Under: Fema / RBI |

Demonetisation: 156 bank officials found involved in money laundering

On the basis of prima facie involvement in irregularities relating to demonetisation, Public Sector Banks (PSBs) are so far reported to have placed 156 officials under suspension and to have transferred 41 officials....

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Posted Under: Fema / RBI |

Demonetisation of old notes after months of discussion with RBI: Govt

The matter to demonetise currency was under discussion and consultation with RBI for several months preceding 8th November, 2016. The Government in a letter dated 7th November, 2016 requested RBI to consider cancellation of legal tender character of Rs. 500 and Rs. 1000 denomination with the objective to eliminate black money...

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Posted Under: Fema / RBI |

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016 ...

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Posted Under: Fema / RBI |

Deposits in Jan Dhan bank A/cs post currency demonetisation

Following demonetization of specified bank notes on 8th November 2016, the Income Tax Department (ITD) has collected information of cash deposits in bank accounts, including Jan Dhan accounts. Such information has been compared with the profile of the persons based upon the information available in the data base of ITD. ...

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Posted Under: Fema / RBI |
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