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of 20000/- for withdrawal from bank accounts has been increased to 24000 and the daily limit of 10000/- per day stands withdrawn.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.

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 24^th 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.

A girls night out - Saturday Night Bazaar - Arpora, Goa

Saturday, the 26th. of  November was the first day of a New Saturday Night Bazaar. It opened in Arpora, North Goa. Will be held every Saturday from 4 pm to the wee hours. We actually started out to go to the original Saturday Night Market. Upon reaching there we found a note stuck on the gate saying, it was decided that the market should be closed in the last minute. So, we had no option but to go this new Bazaar which was close to the old bazaar. It turned out to be a great night in spite of the initial disappointment.

There was plenty of parking and it was well regulated. though at one point there was a huge surging crowd which entered and the main street was quite jam packed.

 

The reader must bear with me the quality of pictures. They were taken in the night with poor lighting.  Power supply was erratic, so some of the shops were having electricity on and off.

The merchant selling colourful hammoks devised an innovative way to exhibit them by hanging them over the walkway. It was like a covered path and gave a very interesting look and feel to the area.

 

Since there are a few posts in the past on flee market and other bazaars, I tried to avoid the stall and merchandise already shown earlier. This shop was selling Buddhist artifacts, quite interesting really.

This shop had various percussion instruments / drums. He was standing in front of his stall playing the drums expertly. That is his USP. Whether the buyer can play it so well is anyone's guess. Looking on the bright side, at least you will develop an interest in music!

 

Pure leather footwear was tempting to try on a few pairs. They seemed tres comfortable and aesthetic. Don't miss the Buddha heads; a shop completely dedicated to the idea of peace and tranquility represented by Buddha. Any takers?

There are several spice shops in all markets and bazaars, anywhere in Goa. The aroma of fresh spices permeates the whole area. I simply love the smells. there was a dedicated shop for different types of Tea leaves. I saw several foreign tourists selecting the Tea of their choice.

    

Read in the newspapers recently that the Chief Minister of Goa had inaugurated the Cycle Party carts. There was one of them, albeit stationary, selling ice cream and shakes. If it circled or in motion, may be more people would have been interested. that is my opinion of course!

 

What is a party or a market or a bazaar in Goa without music? It will be be a dull affair. Goa is know for its live music. Keeping that tradition alive, there were live performances. Indian as well as foreign tourists were grooving to the fusion music. Did I mention food and drinks stalls? No? There was a wide range of food items and drinks (hic!) to chose from. Demonetization or not, people have to eat; in Goa, they have to drink too...

Halfway through the music performance, there were fire works display from behind the stage. It was spectacular. Must confess, I am a sucker for fire works display.
Ate Swiss Chocolate Gelato, bought a pair of cotton pants for hubby, listened to great music, watched rockets light up the sky, great company of girl friends, lovely cool evening / night weather; all in all it was an enjoyable night. 
Reminded me of the times when we would not have any money to buy stuff (read - broke), and would just go and enjoy; thanks to demonetization, every one was feeling the pinch. Or did we become a nation of people to hang on to our Rs.100 notes for dear life!!

RBI's core Purpose, Values, and Vision

As all of you, I too grew up hearing the name Reserve Bank of India. It is a huge imposing building in Hyderabad. I had been there a few times to meet my school friends who were lucky enough to get cushy jobs. From time to time I also came to know of the Governors and listened to them. It was somehow comforting to know that there is an institution called RBI which will safe gaurd my financial interest.

Sadly but truly, I never wondered what all does RBI do!

With all the hullabaloo about Demonetization going on and Reserve Bank of India's role in it, I was suddenly aware of the fact that I know precious little about its objectives and responsibilities. Quickly I opened the website of RBI and here is what I found:

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RBI's Core Purpose, Values and Vision:

Core Purpose

To foster monetary and financial stability conducive to sustainable economic growth and to ensure the development of an efficient and inclusive financial system.

The Core Purpose reflects the Reserve Bank’s commitment to the Nation:

• To foster confidence in the internal and external value of the rupee, and contribute to macro-economic stability;
• To regulate markets and institutions under its ambit to ensure financial system stability and consumer protection;
• To promote the integrity, efficiency, inclusiveness and competitiveness of the financial and payments system;
• To ensure efficient management of currency as well as banking services to the Government and banks; and
• To support the balanced, equitable and sustainable economic development of the country.

Values

The Reserve Bank of India commits itself to the following shared values that guide organisational decisions and employee actions in pursuit of the Bank’s core purpose:

• Public interest
The Reserve Bank of India, in its actions and policies, seeks to promote the public interest and the common good.
• Integrity and Independence of Views
The Reserve Bank of India seeks to maintain the highest standards of integrity and independence of views through openness, trust and accountability.
• Responsiveness and Innovation
The Reserve Bank of India seeks to be a dynamic organisation responsive to public needs and encourages innovation and a spirit of enquiry.
• Diversity and Inclusiveness
The Reserve Bank of India cherishes and supports diversity and inclusiveness.
• Introspection and Pursuit of Excellence

The Reserve Bank of India is committed to self-appraisal, introspection and professional excellence. 

Vision

The Reserve Bank of India is committed to pursue the public interest and common good as a leading central bank that is recognised for its credible, transparent and proactive policies.

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The above passage is the verbatim transcript from RBI's website - www.rbi.org.in

In the last 15 days, what all we are witnessing as a consequence of Demonetisation, do you think the Reserve Bank of India is living up to its values, and is the vision still clear in fulfilling its core purpose? Judge for yourself...

A drive through a beautiful land - Journey from Patnem to Quepem by road, Goa

We planned our journey back from Patnem beach to Panjim, via Quepem. This too through the hinterland of Netravali wildlife sanctuary. What a journey that turned out to be!
I wonder if my explanation can do justice to the natural beauty, on the other hand, my photographs may not be very good either. try to look at the beauty which is beyond words and images!
Firstly we charted out the route and took a print out of it. It came immensely useful, because there are no sign posts or directions. Well we are talking about the hinterland here. So, do not expect either. GPS tracker would have been easier; imagine all the fun of finding your way the old fashioned way of asking the villagers in your language and them answering in their language!!! 
Names of some of the places were slightly different in the map compared to what the locals used, to add to the confusion. It was all so much fun really. We did not, but even if got lost we would not have minded, one bit, in that beautiful landscape!!

 The grass was turning golden, onset of autumn for sure. 

The distant hills and and the curving road, should we stop and take in the beauty or keep going because traveling is also so much fun?

 There was an old well in the field. Sitting there so peacefully!

 Can you resist going on this road?

Halfway between Gaondongri and Netroli, suddenly caught sight of a waterfall. I screamed "stop, stop..". I recognised it as Bamanbudo waterfall from an article in the newspaper during monsoon season. The waterfall had reduced but the water was cool and sweet. There was group of people building a fire and started cooking lunch.

After passing the Netravali range (road goes through part of it), we came across the backwaters of Salaulim dam. It was too picturesque for words. In the middle of the road, there was an extensive joint family of brown cows sitting , standing peacefully. They would not budge for either horn or shout. A gentle nudge was more effective.

 

 

 

You can imagine the beauty of the place. because of a good monsoon, there seemed to be more water in the reservoir and submerged trees. On a clear day and still water, the reflections of the trees were perfect!
If you are ever in this part of the world, take the road trip and let me know if you find any more sights that are worth seeing.

Palacio Do Deao, Quepem, South Goa

After spending a couple days on the beach, in Canacona, South Goa, my husband and I headed to Quepem Taluka through Goa hinterland and Netravali mountain range of Western Ghats. We made a print out of the map, and when in doubt, kept asking for directions along the way. There are not many sign boards enroute. As I mentioned it is through mountains, grass lands, ghats etc. one of the most beautiful locations I have seen. Since it is soon after monsoons, everything is still lush green. Though we made a list of places to see in Quepem, ran out of time, and ended up spending quality time at Palacio do Deao, only.

Map by permission from Mr. Ruben Vasco Da Gama, Owner

 

Quepem is not a big town, and you can reach Palacio easily.Through the main gate, you reach the courtyard where you can park your vehicle. There is an old well to the left of the gate. The water level is about 15 ft. below the ground. To the right is a statue of Jose Paulo, the Dean, who founded the Quepem town. He was a Portuguese nobleman and this was his palace, according to records, was built in 1787 AD. 
from the courtyard, one enters the property through a beautiful entrance passage flanked on either side by decorative pillars.

Over the last two centuries, the palace changed a few hands, and finally it was bought by Mr. Ruben Vasco da Gama and Mrs. Celia Vasco da Gama, on condition that it cannot be resold; which means it will have to remain in their family. It occupies over 11000sft. of floor area. 
Ruben will show the 'before' pictures of the residence for those interested; it was in total disrepair and ruins. 
In his own words, Ruben says that he wanted to bring the residence to its former glory. He wanted to preserve the heritage of the bygone era for future generations.
and The main entrance to the residence / palace is via a wide staircase of 20 + steps.

To the right of the main gate, there is a path and a few steps and a doorway leading to back of the building, could be a service entry. I liked this concept very much, especially if it was an official residence as well. There are hedges and trees on either side of the path to the side door, very pretty!

 

The stairs lead to a huge entrance verandah. There are three doors leading into the residence from here.

The central door leads to a Chapel. This is where the Dean would conduct his prayers. As the congregation grew. He built the Holy Cross Church or Santa Cruz Church across the Palace.

A framed floor plan is hung on the library wall.

 

A huge hall to receive guests is on the left end of the main entrance. It is furnished with all period furniture. Great views of the gardens all round from the tall windows!

There is a library and an entertainment room, where several old volumes and board games are arranged. The visitors can make use of these facilities and get a feel of the ambience of that era.

A belvedere or a long verandah vertical to the horizontal axis of the Palace is at the back. One can see the beautiful river Kushavati touching the property from here. Noe this space is used for dining for guests. I believe Mrs. Celia Vasco da Gama is great Chef and whips up great lunches and also conducts classes for those interested in learning the nuances of traditional cooking. One has to make prior booking though.
 

I have to mention here, that, Mrs. and Mr. Ruben Vasco da Gama went to Portugal, stayed there for some time, studied their architecture, furniture and old buildings, before starting restoration of this building. All the features, finishes, door and window details are very authentic designs of that period in Goa. Instead of glass, the windows have traditional fish scales / shells inserted to let the light in.

 

Well maintained gardens all round the residence are beautiful, the stone paths, the gazebo, the stone steps, the statues, the hedges, trees, flowering plants, the fountains are breath taking.

It is a must visit place if you are anywhere close to Quepem, Goa.
For more details and bookings, go to:
http://www.palaciododeao.com/