Saturday, December 3, 2016

Reserve Bank of India Notifications - 4

Continuation from the previous post: Reserve Bank of India Notifications on Demonetisation - 3 
November 24, 2016

Cash requirements of pensioners and Armed Forces Personnel

29.   Banks are therefore advised to take appropriate steps in order to meet this likely demand for cash by: 
(i) Ensuring adequate cash availability for taking care of the requirements of pensioners 
 (ii) Ensuring adequate supply at the military outposts for the cash requirements of the Armed Forces personnel.
30.    Discontinuation of over the Counters Exchange of SBN:
On a review it has since been decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016.Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts.
Banks may ensure to facilitate opening of new accounts for unbanked people. 
November 25, 2016

31.   Exchange facility to foreign citizens:

In supersession of instructions issued therein, it has been decided that foreign citizens (i.e. foreign passport holders) can exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016 subject to the tenderer submitting a self-declaration that this facility has not been availed of during the week. The Authorized Person shall keep the passport details and the above declaration on record. Authorized Person may also ensure that the total value of such exchange to Indian currency notes does not exceed ₹ 5000/- during the week.

November 26, 2016 
32.Withdrawal of cash from bank deposit accounts - Relaxation
It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.
As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals.
 November 30, 2016 
33. Accounts under PMJDY - Precautions
 With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 09, 2016. As a temporary measure, the banks are advised to observe the following in respect of the PMJDY accounts:

  1. Fully KYC compliant account holders may be allowed to withdraw ₹ 10,000/- from their account, in a month. The branch managers may allow further withdrawals beyond ₹ 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.
  2. Limited or Non KYC compliant account holders may be allowed to withdraw ₹ 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of ₹ 10,000.

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