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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We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts etc.
Permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week to continue till 31.01.2017.
With a view to ensure that at least 40% bank notes are supplied to rural areas and to mitigate the issue in a more enduring manner, banks maintaining currency chests are advised to take following steps
It is now almost two months that a very bold decision was taken by dynamic Prime Minister Mr. Narendra Modi. After initial shock within few days the opinion was divided vertically.
1. The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 has been promulgated, in the follow-up of withdrawal of the legal tender character of the existing series of banknotes, as on 8.11.2016, in denominations of Rs. 500 & Rs. 1000 (referred to as Specified Bank Notes or SBNs). The Ordinance has come into effect from […]
As one of the biggest decision in the history of Independent India, Prime Minister Mr. Narendra Modi marks the evening of 8th November 2016 with his surgical strike on black money through announcement of ceasing the Currency Notes of 500 rupees and 1000 rupees with a vision of putting a check on the huge amount of Black Money
A facility for exchange of SBNs is made available for the resident and non-resident citizens who could not avail the facility from November 10 to December 30, 2016 on account of their absence from India during the aforementioned period.
With the closure of the facility of exchange of SBNs as at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016 itself at email.
In order to facilitate cash availability for WLAOs, it has been decided to allow them to source cash from retail outlets subject to following conditions:
Considering that the Bank is undertaking a comprehensive review of the guidelines and framework for Prepaid Payment Instruments (PPI) issuance in the country (refer Press release dated September 2, 2016), it has been decided to extend the measures notified in the above mentioned circular till the completion of review of the PPI guidelines.
