Reserve Bank of India has formally adopted a flexible inflation targeting (FIT) framework with the amendment of the RBI Act in May 2016 with an emphasis on a strong nominal anchor for monetary policy.
The paper first describes the move towards the flexible inflation targeting (FIT) regime for monetary policy by the Reserve Bank in the context of the evolving macro-economic scenario
i) The upper limit for number of angel investors in a scheme is increased from forty nine to two hundred. ii) The definition of start-up for Angel Funds investments be similar to definition of DIPP as given in their start-up policy. Accordingly, Angel Funds will be allowed to invest in start-ups incorporated within five years, which was earlier 3 years.
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
Reserve Bank of India has said that consequent to the withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes, it has made arrangements to distribute the notes in new ₹ 2000 and other denominations across the country.
The list under Rule 114B as on date requiring PAN to be quoted includes the following banking transactions : a. Deposit with a banking company or a co-operative bank in cash exceeding fifty thousand rupees during any one day.
There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes).
The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.
The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements
