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Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016.
On the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two thousand rupees.
Government declares that ₹ 500 & ₹ 1000 Banknotes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to following 8 transactions specified below,
Specified bank notes of aggregate value of Rs.4000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity
All ATMs will remain closed for operations from mid night of Nov 08, 2016 so that they do not dispense withdrawn old higher denomination banknotes.
Reserve Bank of India will shortly issue ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, without the inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India
In last two years, Government has brought major FDI policy reforms in a number of sectors viz. Defence, Construction Development, Insurance, Pension Sector, Broadcasting Sector, Tea, Coffee
The policy makers are determined to attract foreign investment through Foreign Direct Investment (FDI) and continue to revisit sectoral caps and mode of investment in various sectors of the economy.
Wherever hedging has been mandated by the RBI, the ECB borrower will be required to cover principal as well as coupon through financial hedges.
These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Sixteenth Amendment) Regulations, 2016.
