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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Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes in terms of which the banks are required to report daily position on exchange of SBN to RBI.
In order to avoid any inconvenience to foreign tourists, Authorized Persons may issue Pre-paid instruments to them in terms of the instructions issued by Department of Payments and Settlement System, Reserve Bank of India, in exchange of foreign exchange tendered. Passport may be treated as a valid document for issuance of the said documents.
Governments Departments may be allowed to draw cash beyond the stipulated limit of ₹ 10,000/-, in exceptional cases, only on production of evidence justifying their cash requirements in writing,
The Government has taken a bold step to demonetize Rs. 500 and Rs.1,000 notes; While it is a step in the right direction, a few steps would need to be taken to not only ensure that people holding black money in cash are not able to convert it into white
RBI has brought to the notice of IBA that Government has expressed concern that banks are not following direction issued by RBI in relations to deposit of cash and are insisting that depositors should disclose the source of cash deposit.
Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016
Central Government vide Notification No. S.O. 3408(E) dated 08.11.2016 specified that bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to the extent of transactions specified below, namely:— (a) for making payments in Government hospitals for medical treatment and pharmacies in Government […]
Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;
Ministry of Economic Affairs released a press release on 8th Nov 2016 in order to withdraw Legal Tender Character of Old High Denominated bank Notes (OHD) ie; Rs. 500 &Rs. 1,000
Cash withdrawal from a bank account over the counter shall be restricted to Rs. 10,000/- per day subject to an overall limit of Rs. 20,000/- a week from the date of the notification until the end of business hours on 24th November, 2016
