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FM Shri Arun Jaitley said that one of major objectives of withdrawal of legal tender status on Rs. 500 and Rs. 1000 notes was to move Indian economy further towards digital transactions.
As you are aware there is a massive accumulation of SBNs at branches of banks and currency chests putting strain on processing capacities and storage facilities. This is slowing down the deposit of accumulated SBNs into chests.
I appreciate intention of Government for demonetization of currency as it might have taken in good spirit for betterment of people as well as our nation. However, following questions/issues which are being circulated through media / social media still remained unanswered which is raising doubts in the minds of common man and need to be clarified :
Following is the Procedure for NBFC takeover- Acquirer of NBFC can first go through the documents of the Target company and once Acquirer confirms the Acquisition of the said NBFC, MOU to be signed with some token money.
Banks are therefore advised to take appropriate steps in order to meet this likely demand for cash by: (i) for pensioners (ii) for Armed Forces personnel.
Demonetisation: Article discusses do Central Government exceeded its powers under RBI Act by allowing hospitals, petrol pumps, etc to accept invalid notes?
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.
We have updated list of transaction wherein payment could be made through old Rs. 500 and Rs. 1000 notes after considering amendments on 24.11.2016.
It is felt that the domain knowledge and experience enumerated under various statutory provisions for the directors on the boards of commercial banks (excluding RRBs) need to be augmented by knowledge and experience in other specialized areas
subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Banks are, therefore, advised not to accept SBNs for deposits in Small Saving Schemes with immediate effect.