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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#Demonetization of high value currency (Rs. 500 and Rs. 1000 notes) w.e.f. midnight of 8-9 November, 2016 is now a fortnight old decision, aftereffect of which is still worrisome and concerning.
Measures to incentivise Electronic Payments – (i) Enhancement in issuance limits for Pre-Paid Payment Instruments(ii) Special measures for merchants
#Demonetisation- Wedding Celebrations- A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is ₹ 10,000/- or more. The list should indicate the purpose for which the proposed payments are being made.
#Demonetisation It is estimated that about ₹ 35,000/- crore would be required by the DCCBs for sanction and disbursement of crop loans to the farmers at the rate of ₹ 10,000/- crore per week.
#Demonetisation Few bank branch officials, in connivance with some miscreants, are indulging in fraudulent practices while exchanging SBNs in cash / accepting SBN deposits into account.
It is reported that certain gullible persons are exchanging demonetised notes of Rs. 500 and Rs. 1000 on behalf of other and some are even helping them by depositing the hoarded cash into their own bank accounts
PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can transfer funds from such PPIs to their own linked bank accounts upto ₹ 50,000/- per month
Out of loan to industrialists against whom a debt exceeding Rs.50 crore remains pending & Standing as NPA on 30.06.2016 is Rs. 3,88,919 Crores in 2071 Accounts.
Subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes.
The mid night scrapping of Rs 500 and Rs 1000 currency notes , as announced by Prime Minister Shri Narendra Modi in his address to the nation on November 8, is being seen as a master stroke against black money and corruption that has been eating into the Indian economy like a termite for several decades.
