S.O. 3453(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 15th November, 2016 as the date on which the provisions of the following sections of the said Code shall come into force
Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016
It is clarified that District Central Cooperative Banks can allow their existing customers to withdraw money from their accounts upto ₹ 24,000/- per week upto November 24, 2016.
The current account holders (applicable to Current Accounts which are operational for last three months or more) are allowed to withdraw up to ₹ 50000 in a week. Such tenders will be disbursed predominantly in ₹ 2000 denomination only.
Banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month.
Government has vide notification No. S.O. 3407(E) dated the 8th November, 2016 specified that cash withdrawal limit from Automatic Teller Machines shall be raised to Rs.4,000 per day per card from 19th November, 2016
Existing exemptions for acceptance of old Rs.500/- and Rs.1000/- notes for certain types of transactions are being extended beyond 14th November, 2016 midnight up to 24th November, 2016 mid night.
It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Banknotes including a new High Denomination (₹ 2000) in new designs.
Weekly limit of ₹ 20000/- for withdrawal from bank accounts increased to ₹ 24000 & daily limit of ₹ 10000/- per day stands withdrawn.
Maharashtra Value added tax dealers may also pay the amount under clause (a), during the period the bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees
