Submitted by business_centrik on 22/11/2016 RBI vide its circular dated November 21, 2016 has allowed farmers to draw upto ₹ 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms. RBI has also allowed all current account holders … Continue reading “RBI revised the withdrawal limits for Farmers & Traders”

RBI has decided that the limit of exchange of SBNs in cash, across the counter of the banks shall be ₹ 2000 with effect from November 18, 2016 and this facility shall be available only once per person. Please refer the attached circular for more details. Source: www.rbi.org.in RBI- Revison of exchange limits.PDF

Central Government has decided to permit families celebrating weddings to draw upto Rs. 250,000/- in cash from their own bank accounts. However, the amounts can be drawn only by either of the parents or the person getting married. Also, it has been decided that farmers would be permitted to draw upto Rs. 25000/- per week in … Continue reading “Withdrawal limits for Weddings and Farmers”

RBI vide its circular dated November 08, 2016 has specified all the banks to send daily report to RBI with details of Specified Bank Notes (SBNs). However, RBI has observed that the banks are sending the reports with significant delay causing severe inconvenience in collation and consolidation of data at RBI. Therefore, the banks are … Continue reading “Delay in daily reporting of banks to RBI”

RBI vide its circular dated 15.11.2016 has expressed the need to put in place a Standard Operating Procedure (SOP) for such exchange of Specified Bank Notes (SBNs). Henceforth, while exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to … Continue reading “Standard Operating Procedure (SOP) for putting indelible ink on the finger of the customers coming to a bank branch for SBNs”

RBI instructed all scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, to remain open for public on Saturday, November 12 and Sunday, November 13, 2016. Banks shall keep all their branches open on November 12 and13, 2016 as regular working days for transacting all business. Banks may give … Continue reading “All banks to remain open on November 12 and 13, 2016”

RBI vide its circular dated 10.11.2016 has fixed an overall limit of ₹ 10,000/- per day subject to an overall limit of ₹ 20,000/- a week for cash withdrawals from a bank account over the counter from the date of the notification until the end of business hours on 24th November, 2016, after which these limits shall be reviewed. Please … Continue reading “RBI limits on withdrawal of cash”

To control the rising incidence of fake notes and black money, the scheme to withdraw high denomination notes has been introduced by RBI. High denomination notes have been misused by terrorists and for hoarding black money. Therefore the notes of denominations 500 and 1000 stand withdrawn. Consequently, high denomination (old) notes cannot be used for transacting … Continue reading “RBI steps ahead to curb black money”

Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the present Office of the Banking Ombudsman, New Delhi, the Reserve Bank has set up the second office of the Banking Ombudsman at Reserve Bank of India, New Delhi. The first office of the Banking Ombudsman at … Continue reading “RBI opens second Office of the Banking Ombudsman at New Delhi”

CBEC vide notification 126/2016–Customs dated 14th October, 2016 has amended the notification 36/2001-Customs dated 3rd August, 2001 in respect of “fixation of tariff value of the Imported goods in India”. The following are the rates of Import against the said description of goods – Sno. Description of goods Tarrif value US $ per Metric Tonne … Continue reading “CBEC amended notification 36/2001-Customs in respect of ” fixation of tariff value of the Imported goods in India””

This scheme has been started to digitize the whole process of getting life certificates.It aims to make the process of of getting this certificate hassle free and much easier for the pensioners. Jeevan Pramaan is a biometric enabled digital service for pensioners. Pensioners of Central Government, State Government or any other Government organization can take benefit of … Continue reading “Jeevan Pramaan”

In order to enhance ease of doing business and facilitate efficient data processing for payment of import transactions, Import Data Processing and Monitoring System (IDPMS) has been developed in consultation with the Customs authorities and other stakeholders. “On 10th October CBEC and RBI jointly launched online IDPMS , as a major trade facilitation measure for … Continue reading “Import Data Processing and Monitoring System launched w.e.f 10th October 2016”