Friday, December 2, 2016

Reserve Bank of India Notifications - 1

As everyone in India is aware that Rs.500 and Rs.1000 notes have been demonetised from midnight of November 8th, 2016. Reserve Bank of India had been issuing notifications on changes or updates since then. 
I felt that I should record the various notifications for future reference. 

Following are the notifications from Reserve Bank of India's website. If you find any  discrepancies or omissions etc., it is unintentional. Kindly forgive.

November 8, 2016
  1. The Government of India has withdrawn from immediate effect (midnight of November 8, 2016) the legal tender character of the existing and any older series banknotes in the denominations of 500 and 1000. As such, dispensing of these Old High Denomination (OHD) banknotes by banks through their ATMs has to be stopped from midnight of November 08, 2016.
  2. In order to facilitate the banks to prepare themselves for the same, all Public sector /Private sector/Foreign banks, RRBs, Urban Co-op banks and State Co-op banks have already been advised to remain closed for public transactions on November 09, 2016. In view of the above, it has been decided that all ATM s will remain closed for operations from the mid night of November 08, 2016 so that they do not dispense the withdrawn old higher denomination banknotes (OHD). The ATMs may resume functioning from November 11, 2016 upon their recalibration to dispense bank notes of only 50 and 100 denominationsthe specified bank notes of aggregate value of 4,000/ - or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity; the limit of 4,000/ - for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification and appropriate orders may be issued, where necessary;
  3. There shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person, where the specified bank notes are tendered; however, where compliance with extant Know Your Customer (KYC) norms is not complete in an account, the maximum value of specified bank notes as may be deposited shall be 50,000/- ;
  4. Cash withdrawal from a bank account over the counter shall be restricted to 10,000/- per day subject to an overall limit of 20,000/
    a week from the date of the notification until the end of business hours on November 24, 2016, after which these limits shall be reviewed;
  5. Withdrawal from Automatic Teller Machines (hereinafter referred to as ATMs) shall be restricted to 2,000 per day per card up to November 18, 2016 and the limit shall be raised to 4,000 per day per card from November 19, 2016                        November 9, 2016
  6. Further, so as to ensure customer convenience, banks are also advised to provide all cash withdrawal transactions at their ATMs free of cost to their customers till December 30, 2016. It has also been decided that banks may fix a limit of 2000/- per day per card withdrawal limit at ATMs, for all their customers, till November 18, 2016.
  7. Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016
  8. Re calibration of ATMs to dispense ₹ 100 and ₹ 50 banknotes through ATMs. at least one cassette in each ATM is configured to dispense banknotes of ₹ 100 denomination immediately.                                                                                                                  November 10, 2016 
  9.  In terms of para 3.c (iv) of the said circular, cash withdrawal from a bank account over the counter shall be restricted to 10,000/- per day subject to an overall limit of 20,000/- a week from the date of the notification until the end of business hours on 24th November, 2016, after which these limits shall be reviewed. It is clarified that the above limits are not applicable to cash withdrawal from a bank account by
            i.  One bank from another bank,
          ii.   Post Office,
        iii.    Money changers operating at International airports and operators of White Label ATMs.

No comments:

Post a Comment

Salvadordo Mundo Church - Goa

  It was Easter and we have a ritual of going to a natural spring before sunrise and drinking the holy water from it. Since both Jo and ...