Deposit of specified banknotes (SBN) in Small Savings Schemes RBI/2016-17/151 DCM (Plg) No.1351/10.27.00/2016-17 November 23, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative … [Read more...]
The Chairman of SIT & Former supreme court Judge recommended for Putting a limit of cash holding and cash transaction
The Chairman, SIT on Black Money & Former Judge of the Supreme Court of India, Justice MB Shah and Former Judge of the Supreme Court of India &Vice- Chairman, SIT on Black Money, Justice Arijit Pasayat has stated that the Government has taken a bold step by demonetizing Rs.500 and Rs.1,000 … [Read more...]
FAQs on Withdrawal of Bank Notes in the denominations of Rs 500 and Rs 1000
1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. … [Read more...]
Issue of Rs 500 banknotes inset letter ‘E’ in Mahatma Gandhi (New) Series
The Reserve Bank of India will shortly issue Rs.500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the … [Read more...]
Issue of Rs 2000 Banknotes
The Reserve Bank of India will shortly issue Rs 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, and the year of printing '2016' printed on the reverse of the banknote. The new … [Read more...]
Withdrawal of Legal Tender Status for Rs 500 and Rs 1000 Notes: RBI Notice
Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of Rs 500 and Rs 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016. This is necessitated to tackle counterfeiting … [Read more...]
RBI advised to all banks to calibrate 10% of ATMs to dispense Rs.100 banknotes exclusively
RBI/2016-17/106 DCM (CC) No.1170/03.41.01/2016-17 November 02, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Dispensation of Rs.100 denomination banknotes through exclusive ATMs Please refer to our circular DCM (CC) … [Read more...]
Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA 14(R)/2016-RB May 02, 2016 Foreign Exchange Management (Manner of Receipt and Payment) Regulations, … [Read more...]
RBI imposed penalty of Rs. 5 lakh on The Nasik Merchants Co-operative Bank Ltd
The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Nasik Merchants Co-operative Bank Ltd., Nashik in exercise of the powers vested in it under the provisions of Section 47A (1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As … [Read more...]
The RBI has extended the date for the exchange of Pre-2005 banknotes till June 30, 2016
The Reserve Bank of India has, on a review, decided to extend the date for the public to exchange their pre-2005 banknotes till June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx) and … [Read more...]
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