Beginning November 9, 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead.
Banks are, hereby, advised that they may continue to allow their existing customers to withdraw cash from their accounts upto ₹ 24,000/- per week, till further instructions.
Foreign citizens (i.e. foreign passport holders) can exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016 subject to the tenderer submitting a self-declaration that this facility has not been availed of during the week.
The department has generated Computerized Desk Audit (CDA) reports for the period 2013-2014 after analyzing electronic data pertaining to e-Returns, audit reports in form e-704 and annexures thereof uploaded by all the dealers.
Liquidity Adjustment Facility – Oil Marketing Companies’ Government of India Special Bonds (Oil Bonds) as eligible collateral under LAF/MSF and Removal of Margin Requirement for Reverse Repos
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.
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.
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.
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
Customs Houses should no more insist for issuance of Mate’s receipt in the case of containerised cargo. However, in respect of non-containerised export cargo like bulk cargo etc., the practice of issuing Mate’s receipt would continue.
