Friday, December 2, 2016

Reserve Bank of India Notifications - 2

Continuation from the previous post: Reserve Bank of India Notifications on Demonetisation - 1
November 13, 2016

i.        13. The limit for exchange of Specified Bank Notes, over the counter has been increased   from the existing 4000/- to 4500.
ii.       14. The daily limit on withdrawal from ATMs has been increased from the existing 2000/- to 2500/- per day in the recalibrated ATMs, other ATMs will continue to dispense 50 and 100 bank notes until they are re-calibrated.
iii.     15. The weekly limit of 20000/- for withdrawal from bank accounts has been increased to 24000 and the daily limit of 10000/- per day stands withdrawn.

November 14, 2016

16. Under Section 10(2) read with Section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007), it has been decided that 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.

17. This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review.

November 15, 2016

3.  18. Additional Facilities.

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 may deploy their Micro ATMs (Bala Mitras, etc) near village Panchayat Offices, Police Stations/ Police and military Outposts, Government Departments, offices of Public Sector Units, Petrol Pumps and other similar secure locations. As it may entail larger volume of cash requirements, Banks may enhance the limits of the micro ATMs to at least ₹ 50,000 and allow frequent replenishment of cash to them. For providing exchange / deposit/ withdrawal facility to people residing in remote/ unbanked areas, banks may consider using mobile vans. Banks should, in a camp mode, open accounts for Tea/coffee and other plantation workers, employees of Sugar cooperatives, dairy farms and such other worker groups with concentrated payment locations so that they may be better served in terms of deposit into accounts and withdrawal there from. We reiterate that in order to cope with the increased work load banks may consider hiring retired employees for a short period.

4.  19. Monitoring

Banks have to ensure that the customers use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes.(If a depositor has a mixed bunch of SBN and legal tender notes, he has to segregate them and submit two separate Pay-in slips). Banks have to put in place, within CBS, a mechanism to maintain a record of receipts of SBNs customer-wise and denomination wise whether for exchange or for deposit by way of a flag to facilitate subsequent verification.   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 identify that he/she has exchanged the old currency notes only once.  The indelible ink would be supplied to the bank/post offices by Indian banks Association (IBA) in coordination with the banks and consultation with RBI. This procedure would be introduced to begin within the metro cities and extended to other areas later. Each bank branch will be provided with black indelible ink bottles of 5 ml each. The cap of the bottle includes a small brush for applying the ink. The indelible ink can be applied by the cashier or any other official designated by the bank before the notes are given to the customer so that while the exchange of notes is taking place, a few seconds elapse which will allow the ink to dry up and prevent removal of ink.
November 17, 2016
20. On a review it has been 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. This facility will be available only once per person.
 November 18, 2016 
21. As another customer-centric measure, it has been decided that (i) the limit for cash withdrawal at POS (for debit cards and open system prepaid cards issued by banks in India) has been made uniform at ₹ 2000/- per day across all centres (Tier I to VI) for all merchant establishments enabled for this facility and (ii) customer charges, if any, shall not be levied on all such transactions.

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