Narendra Modi
08:21
Showing posts with label Narendra Modi. Show all posts
Showing posts with label Narendra Modi. Show all posts
Friday, 7 June 2019
Saturday, 4 March 2017
Reserve Bank of India
06:31
100 days after: No end to long queues outside Reserve Bank Of India
100 days after: No end to long queues outside Reserve Bank Of India
“Kaam tamaam ho gaya hai !” (Work is at a standstill), is how Ved Prakash and his sister Kamala laughingly described their journey from Lucknow to the Reserve Bank of India, New Delhi for exchanging demonetised currency notes.
Prakash was accompanying his sister, who was staying with her son in Dubai during the 52-day period for swapping the old series Rs. 500 and Rs. 1,000 notes.
They are not alone. It’s been over 100 days since the government’s decision to demonetise high value currency notes on November 8, but the serpentine queues outside the RBI have not abated. On a daily basis, hundreds of people line up outside the RBI main office in Delhi to exchange defunct notes. Not all are lucky.
It’s almost reminiscent of the queues outside bank branches after Prime Minister Narendra Modi announced an almost immediate withdrawal of Rs. 500 and Rs. 1,000 currency notes. An exchange facility was available till December 30, 2016. Resident Indians who were abroad in the period can swap the notes till March 31, 2017 and NRIs can avail themselves of this facility up to June 30, 2017.
Though the RBI office only starts exchange of notes at 10 a.m., people start lining up at least two hours in advance. They come from all over the country as the facility is available at just five RBI branches. “I belong to Kerala, but am posted abroad, so I couldn’t get the notes exchanged. Now I have come back specifically for this purpose,” said Vijay Singh, an army officer.
A bunch of tourists from Australia have also been standing in the queue that moves only by a couple of feet every hour. They eventually leave to seek help from their High Commission.
Brisk business
Meanwhile, business along the pavement is doing well as chaat walas and fruit and ice cream sellers set up shop. An enterprising young man also made a makeshift stall on his motorbike and gives out free ‘Reliance Jio sim cards’ to those interested.
An RBI official at the main gate makes periodic announcements on the facility and lists out the required documents and limits for exchange. Many return on hearing the announcement as they don’t have the required documents or are simply not eligible for the exchange facility, while some start looking around for touts or guides who can help them fill up forms or even cut down the queue.
It’s unlikely that it will be a quick trip for any of the people in the line. Many applications get rejected by the RBI, some have incomplete documentation while some will not make it by time.
At 2:30 p.m., the RBI closes the facility for the day. Much of the crowd also leaves gradually while others sit around and plan what to do next. Most are unclear as to what to do with the demonetised currency.
On being contacted, the RBI referred to its FAQ circular that was updated on February 17. “We have no information to share beyond the FAQs at this point in time,” said an RBI spokesperson.
Source:The Hindu Business Line
Thursday, 26 January 2017
Reserve Bank of India
18:47
Good news! RBI may lift weekly cash withdrawal limit by February end
Good news! RBI may lift weekly cash withdrawal limit by February end
With cash situation improving, there will be little need to have withdrawal restrictions: Bankers
With the cash crunch situation easing, the Reserve Bank might do away with the weekly withdrawal limits from banks as well as ATMs by the end of next month, bankers said.
The RBI had recently raised the ATM withdrawal limit to Rs 10,000 a day but maintained the weekly cap at Rs 24,000 for saving account and Rs 1 lakh for current account holders.
"I think the restrictions on withdrawal by RBI should be completely lifted by February-end or by first half of March as cash situation is easing gradually," Bank of Maharashtra executive director R K Gupta told PTI.
It is entirely RBI's decision and the central bank would decide after making holistic assessment of the situation, he said.
According to SBI's research report Ecowrap, "By the end of February, 78-88 per cent of the currency could be back in the system under the best case scenario in terms of an optimal currency distribution (more small denomination notes)," the report said, adding that "it seems within next 2 months things would be pretty close to normal."
Another senior public sector bank official said the situation is easing and it is a matter of weeks when the curb on withdrawal gets eased.
"My hunch is that it should happen before end of the current fiscal," the official said, adding, RBI has been progressively easing the curb.
The RBI had earlier increased the daily withdrawal limit from ATMs to Rs 4,500 from Rs 2,500 effective January 1, just a day after 50-day demonetisation period ended.
Meanwhile, RBI Governor Urjit Patel could not set a time frame before the Standing Committee on Finance for return of normalcy in the banking system even as the central bank asserted that Rs 9.2 lakh crore or 60 per cent of demonetised currency has been replaced.
In a surprise move on November 8, Prime Minister Narendra Modi had announced demonetisation of old Rs 500 and Rs 1,000 notes.
Following the decision, the RBI had put restrictions on withdrawal of cash from ATMs as well as from banks to deal with shortage of new high denomination currency notes. This led to long queues at ATMs and bank branches.
All over the country, the banks had to deal with huge rush of people who thronged their branches to deposit junked notes. The deadline for depositing old notes with banks ended on December 30.
Source:Business Standard
Sunday, 15 January 2017
Narendra Modi
20:16
SBI PAYMENT GATEWAY INTEGRATED WITH GEM
SBI PAYMENT GATEWAY INTEGRATED WITH GEM
GS&D is tasked primarily with fixing Rate Contracts (RC) for common user items required by various Government organizations through an online e-procurement portal. Presently, it is being managed by two organized Group ‘A’ Services namely Indian Supply Service and Indian Inspection Service. DGS&D Rate Contracts are used by Central Government Ministries / Departments, PSUs and State Governments. Based on recommendations of Group of Secretaries made to Hon’ble Prime Minister, Government has decided that DGS&D will create a one stop Government e-Marketplace (GeM) to facilitate on line procurement of common use Goods & Services required by various Government Departments / Organizations / PSUs. GeM will enhance transparency, efficiency and speed in public procurement. It will also provide the tools of e-bidding and reverse e-auction as well as demand aggregation to facilitate the government users to achieve the best value for the money. DGS&D is taking appropriate actions to align the existing rules to cater to GeM including swift payment to Suppliers / Sellers after successful delivery of Goods & Services. The Proof of Concept (POC) is being developed by DGS&D in association with NeGD (DeitY) for some Goods / Services namely Desktop Computers, Laptops, UPS, Air Conditioners and hiring of transport services. The POC for GeM will be opened for Central Government Departments and CPSUs located in Delhi / NCR. Depending on the experience, more Goods & Services will be offered and also will be extended to other parts of the country. After comprehensive study through a consultant followed by engaging a Managed Service Provider (MSP), a full-fledged version of GeM is likely to be positioned by March, 2017 by DGS&D. The purchases through GeM by Government users have been also authorized by Ministry of Finance by adding a new Rule No. 141-A in the General Financial Rules, 2005. The existing DGS&D RC items can also be utilized by the user Departments as per their choice. DGS&D shall continue to expand its items as a parallel arrangement so that the users have the best options all the time.
Source:GEM
Saturday, 14 January 2017
trade unions
17:50
RBI employees urge governor to protect autonomy
RBI employees urge governor to protect autonomy
The employee union of the Reserve Bank of India (RBI) has urged the bank's governor to protect central bank autonomy and not allow the government to interfere in processes, after criticism over how it handled a ban on high-value currency.
The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation.
Economists said slow replacement of the bills undermined the RBI's reputation for competence, while some raised doubts about the bank's independence for agreeing to implementation with limited preparation.
The RBI's employee union in a letter to the governor dated January 13 said it was "painful" the central bank was being criticised despite its staff successfully carrying out the "humongous task" of replacing the old bills.
It cited a recent local media report saying the finance ministry had sent a bureaucrat to coordinate the bank's cash operations.
"If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on RBI autonomy," the union said in the letter. The RBI did not require any assistance, it said.
"Apart from showing RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction," the union said in the letter, a copy of which was seen by Reuters.
An RBI union member confirmed the authenticity of the letter. The RBI did not provide an immediate comment. A finance ministry spokesman declined to comment.
Modi's decision on November 8 to suddenly scrap 500 and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has resulted in severe cash shortages, impacting companies, farmers and households alike.
The action has also sparked political concern, with some people in Modi's own party anxious that the cash crunch could hurt their prospects in states going to the polls this year.
One RBI official involved in drafting the union's letter said employees were worried that government intervention in distributing new bills could be politically influenced ahead of state polls.
Source:Reuters
Thursday, 5 January 2017
Reserve Bank of India
22:17
Demonetisation complete failure? 97% of banned notes back in banks: Report
Demonetisation complete failure? 97% of banned notes back in banks: Report
The Modi government has defended its move saying the benefits of demonetisation will create an impact on the country's economy in the long run.
As much as 97 per cent of currency notes, outlawed by the government on November 8, 2016, have reportedly returned to banks, posing a huge question mark on Prime Minister Narendra Modi’s demonetisation move.
According to a report by Bloomberg, quoting sources in the know, banks have received 14.97 trillion rupees ($220 billion) as of December 30, which was the deadline set by the government for individuals to return their currency notes. The government and the RBI faced criticism for their inability to implement the move in an efficient manner, continuing to cause hardships to citizens across the country
Politically, too, the Modi government has faced immense criticism from the Opposition as well as from within the ruling National Democractic Alliance with ally Shiv Sena stating that demonetisation had created a sense of fear that was witnessed during the British Rule.
“People are alive and that is why these are ‘acche din’. Wool is being pulled over your eyes when they claim that people are supporting demonetisation,” Uddhav Thackeray said.
Opposition parties led by the Congress have called for a probe into the Prime Minister’s move to demonetise note asking that a committee be setup and a White Paper be presented in Parliament.
The demonetisation move has also hit the pace of announcements of new investment proposals during the quarter ended December 2016. New investment proposals worth Rs 125,000 crore were observed during the quarter ended December 2016 as against Rs 236,000 crore per quarter on average in the preceding nine quarters of the Modi government, the Centre for Monitoring Indian Economy (CMIE) said.
New investments worth Rs 2,097 crore were announced, on an average, per day during the 39 pre-demonetisation days from October 1 through November 8. “This average dropped sharply by 61 per cent to Rs 824 crore during the post-demonetisation period. The number of projects announced per day dropped from 6 to 3 by a similar comparison,” CMIE said.
The Modi government, however, has defended its move saying demonetisation will have a positive impact on the country’s economy in the long run. Since November 8, the BJP-led government has urged citizens to make the transition from cash to digital payments even announcing discounts and prizes for those who do.
Source:Indian Express
NOBW
07:04
Bank staff want cash, not praise from the PM
Bank staff want cash, not praise from the PM
Prime Minister Narendra Modi’s words of appreciation for bank employees in his televised speech on Saturday has brought little cheer to bank staff. State-owned lenders have called for concrete rewards for their staff, while bank unions have demanded immediate and appropriate compensation and payment of overtime dues to all employees.
The National Organization of Bank Workers (NOBW), an affiliate of the Bharatiya Mazdoor Sangh, has also written to the Prime Minister asking him to look into the issue. According to the letter, many banks are yet to pay their staff the overtime dues.
Most public and private sector bank officials have worked not worked extra hours but also on weekends and holidays to meet the surge in customer demand, after the government announced the demonetization exercise on November 8.
“While the Prime Minister praised the bank officials for their work, there was no concrete announcement made for their welfare..we have written to the PM urging him to look into the matter,” Ashwani Rana, vice president, NOBW, told Hindustan Times. The public sector banks have about 8 lakh employees at present.
The All India Bank Employees’ Association (AIBEA) too has demanded that the bank managements ensure safety and protection of bank staff by maintaining law and order in all bank branches to prevent harassment of bank staff.
“The government and the Reserve Bank of India must take steps to normalize the situation at the earliest, the bank employees are under tremendous pressure with shortage of cash and withdrawal limits still continuing,” CH Venkatachalam, general secretary, AIBEA said.
Modi, in his speech, complimented the bank employees including the banking correspondents who primarily work in the rural areas but also said that the “few officials” who have indulged in misconduct in the last one month will not be spared.
Source:Hindustan Times
Saturday, 31 December 2016
Narendra Modi
07:11
No Jail Term for Holding Old Notes
No Jail Term for Holding Old Notes
NEW DELHI Why were 1000 and 500 rupee notes outlawed by the government?
Nearly 50 days after the government announced that these notes would cease to be legal tender, the Reserve Bank of India feels that the reasons for the sudden announcement cannot be made public.
The monetary policy regulator also refused to give any details about the time it will take to replenish the currency notes. “The query is in the nature of seeking future date of an event which is not defined as information as per Section 2(f) of the RTI Act,” RBI said in response to an RTI query.
The apex bank refused to disclose reasons for the demonetisation of about Rs 20 lakh crore of currency in the country citing Section 8(1)(a) of the Right to Information Act.
The section states, “Information, disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence.”
The central bank also refused to explain as to how exemption would apply in the given case as the decision was already taken and there was no way that disclosure of information would have fit in any of the reasons cited in section 8(1)(a) of the RTI Act.
“The clause of public interest would apply where exemption clause applies on the information sought by an applicant. In the present case, the information sought does not attract any exemption clause,” former Central Information Commissioner Shailesh Gandhi told PTI.
He said law is very clear that when a public authority rejects to disclose some information, it must give clear reasons as to how the exemption clause would apply in the given case.
Recently, it had refused to part with minutes of meetings held on the issue of demonetisation, which was announced by Prime Minister Narendra Modi on November 8.
Responding to an RTI application filed by activist Venkatesh Nayak, RBI refused to disclose the minutes of the crucial meetings citing section 8(1)(a) of the RTI Act.
No jail term for holding old notes
The government has made holding of more than 10 junked Rs 500/1000 notes a penal offence punishable with a minimum Rs 10,000 fine, but the harsher four-year jail term has been dropped.
The Specified Bank Notes Cessation of Liabilities Ordinance, approved on Wednesday by the Cabinet headed by Prime Minister Narendra Modi, allows individuals to hold no more than 10 notes of the old currency. It allows 25 such currencies to be held by research scholars.
Source:kractivist.org
Wednesday, 28 December 2016
Reserve Bank of India
22:45
Cabinet passes ordinance; fine, jail for holding old notes
Cabinet passes ordinance; fine, jail for holding old notes
Ordinance is to extinguish liability of govt and RBI on the demonetised high-denomination notes
The Cabinet on Wednesday approved an ordinance to impose penalties on anyone possessing the demonetised Rs 500 and Rs 1,000 notes.
The penalty for holding old currency in excess of 10 notes may include financial fines and a jail term of up to 4 years in certain cases.
The ordinance, named as 'The Specified Bank Notes Cessation of Liabilities Ordinance', is to extinguish liability of government and RBI on the demonetised high-denomination notes.
In a surprise announcement by Prime Minister Narendra Modi on November 8, Rs 500 and Rs 1000 notes were declared as illegal currency.
The government had, while announcing the demonetisation of the old currency on November 8, allowed holders to either exchange them or deposit in bank and post office accounts. While the facility to exchange the old notes has since been withdrawn, depositors have time till Friday to deposit the holding in their accounts.
In 1978, a similar ordinance was issued to end the government's liability after Rs 1,000, Rs 5,000 and Rs 10,000 notes were demonetised by the Janata Party government under Morarji Desai.
Source:Business Standard
Monday, 26 December 2016
volume of transactions
08:42
PM Narendra Modi on Mann ki Baat: Go cashless, get cashback
PM Narendra Modi on Mann ki Baat: Go cashless, get cashback
PM Narendra Modi defends frequent changes in demonetisation rules, says these are being done to reduce people's problems.
In an effort to push consumers and traders towards embracing digital transactions, Prime Minister Narendra Modi Sunday announced the launch of two schemes — Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana. For the next 100 days, starting today, 15,000 people making digital payments will get Rs 1,000 cashback in a daily lucky draw, PM Modi said. He added that there will also be a weekly draw and the prize money will run into lakhs. “A bumper draw will be held on BR Ambedkar’s birthday,” PM Modi said. Under the two schemes, the lucky draw will take place in 100 cities across the country. Traders adopting digital payment methods will get a tax rebate under the Digi-Dhan Vyapar Yojana scheme.
The prime minister was speaking in his monthly radio address to the nation ‘Mann ki Baat’. The prime minister also elucidated why RBI has been frequently updating and issuing fresh guidelines. “Government is taking regular feedback from people and it is alright to make changes according to it ,” he said.
He also said that out of the 30 crore debit/credit cards in the country, 20 crore of these are held by those belonging to lower and middle-income background. “In last few days, cashless transactions have gone up by 200-300 per cent. To give it a push, government has taken a big step,” he said.
Exemplifying the benefits of cashless transactions, PM Modi asserted that they will help in ending the exploitation faced by workers in the informal sector. “In our country, the informal sector is quite big and most of the workers are paid their wages in form of cash. They also face exploitation because of this. Now digital transactions are helping these workers,” said PM Modi.
Speaking on why political parties will not come under the scrutiny of tax authorities for cash deposits in demonetised currency, PM Modi said that he wanted a discussion in Parliament regarding party funding, but the Opposition “did not let the Houses run”. “People are spreading rumours that political parties have free hand but this is not true,” PM Modi said.
The Prime Minister, however, lauded both Lok Sabha and Rajya Sabha for passage of the Disabilities Bill to secure the rights of disabled and also their honour and dignity. The new law, he said, is in consonance with the spirit expressed by the United Nations.
Terming this war against corruption as “an extraordinary one”, he said the forces involved in “this murky enterprise of perfidy and corruption” have to be defeated as they are devising new tactics to thwart government’s efforts every day. “To counter these new offensives, we too have to devise appropriate new responses and anti-dotes. When the opponents keep on trying out new tactics, we have to counteract decisively since we have resolved to eradicate the corrupt, shady businesses and black money,” he said.
Lauding the public for their support in exposing the wrong-doings of some, who are devising “newer wily ways and means” to counter the fight against corruption, the Prime Minister sought more public support. “Everyday many new people are being taken into custody, currency notes are being seized, raids are being carried out. Influential persons are being caught. The secret is that my sources of such information are people themselves.
“Information being received from common citizens is many times higher than that being obtained through government machinery,” he said, adding that people were taking risks to expose such elements. He asked them to share such information on e-mail address of the government as also on the MyGov App.
Modi also talked about the Benami Property law that came into being in 1988, but neither its rules were framed, nor was it notified and laid dormant for years. “We have retrieved it and turned it into an incisive law against ‘Benami Property’. In the coming days, this law will also become operational. For the benefit of the nation, for the benefit of the people, whatever needs to be done will be accorded our top priority,” he said.
He also wished the people on Christmas and remembered former Prime Minister Atal Behari Vajpayee on his birthday while wishing him good health and long life. Modi also congratulated the Indian Cricket team for its emphatic 4-0 victory over England, as also the performances of some young players like Karun Nair who scored a triple century, K L Rahul for scoring a brilliant 199, besides the leadership provided by Captain Virat Kohli and off-spin bowler R Ashwin. He also complimented the Junior Hockey Team for lifting the World Cup and the Indian Women’s Hockey Team that won the Asian Champions Trophy.
Source:Indian Express
Saturday, 3 December 2016
Reserve Bank of India
19:57
History of Demonetisation
History of Demonetisation
This is not the first time the Indian governments has demonetised currency notes. RBI first demonetized Rs1,000 and Rs 10,000 banknotes in January 1946. Banknotes for Rs 1,000, Rs 5,000 and Rs 10,000 were reintroduced in 1954. However, Rs 1,000, Rs 5,000 and Rs 10,000 were once again demonetised in January 1978 once again. In 1978 the then Government said the move was aimed tackling the issue of the black money which had grown to large proportions at that time. The measure was enacted by passing the High Denomination Bank Note (Demonetisation) Act, 1978. The law’s preamble said that this was an Act to provide in the public interest for the demonetisation of certain high denomination bank notes and for matters connected therewith or incidental thereto.
However, Rs 1,000 was big money in those days, clerks earned Rs 200-300, most officers earned between Rs 500- 1500 and even President of India earned a mere Rs 10,000, while Managing Directors of even the largest corporation earned just Rs 5,000. Most Indians in those days had never seen such a note in their lifetime.
Why was the decision taken ?
Prime Minister Mr Modi had promised to combat the menace of black money when he came to power two-and-half years back, pledging to crack down on parallel economy in india which has seen tax to GDP ratio being abnormally low. While the Indian economy grew by 30 % during 2011 and 2016, the circulation of money in the economy increased by 40 %. However circulation of Rs 500 notes increased by
76 % and of Rs 1000 notes by an astounding 109 %. Which means the demand for high denomination notes grew at a faster rate, causing suspicion that much of this was being hoarded as black money.
“This measure was necessary to maintain the financial integrity of our economy,” said Secretary Economic Affairs Shaktikanta Das. Demonitisat-ion is a move which had been suggested by several quarters.
The move will also check fake note flows, a bane which has been dogging the Indian financial markets for years. The Reserve Bank said while the Indian currency’s security features have not “been breached”, the fake notes being pushed by Pakistan’s spy agencies were similar to legal tender and were causing confusion in the market. Currently there are 16.5 billion legal Rs500 notes and 6.7 billion Rs1000 notes. But estimates point to larger numbers of high denomination notes circulating in the market, clearly pointing to fake currency being pushed into india in large numbers.
The Government’s decision to demonetise Rs 500 and Rs1,000 currency notes will also push India towards a cashless economy. “This one decision will change the way the people spend and keep their money,” asserted Finance Minister Mr Arun Jaitley. India has been trying to push the country’s cash dependent economy towards paperless transactions. It published a draft paper of sops and incentives, which may be considered for those opting for online and plastic payments. However, the move has remained nascent at best till now.
High-denomination banknotes account for 86 % of the 1,64,000 crore rupees of currency in circulation. With inflation raising prices, most people preferred higher denomination notes. However, by now taking steps to discourage high value notes, the government could push more people to opt for e-commerce and plastic money. Analysts believe the move to scrap high denomination notes will now force people to use their accounts and financial technology for transactions. Estimates say the mobile commerce market in India will grow from a current $2 billion to $19 billion by 2019.
Officials point out that studies by McKinsey suggest large-scale adoption of digital finance by emerging economies could boost their GDP by up to 6 % The study says “India could see a boost of $700 billion, an 11.8% increase by 2025. This additional GDP could create up to 21 million.” The idea is to move society towards electronic transactions and away from cash, as this helps us monitor money flow and check black money.
Real Estate
Real estate sector, particularly property resale market, is expected to take a hit because of the decision. With large caches of black money eliminated, black money deals are expected to reduce in the realty sector. This is expected to bring down prices of property and bring about transparency in the industry which unfortunately has earned a dubious reputation of being flush with black money. According to an expert, prices coming down to more reasonable levels in the housing market cannot be ruled out. In the immediate future, the sector will be under serious pressure with volume and number of transactions in residential and land markets seeing a substantial downward trend.
The author is a senior journalist based in New Delhi. Views expressed are personal
Source:Employment News
Tuesday, 29 November 2016
Reserve Bank of India
08:51
Central Government and Reserve Bank Of India Taken Measures after announcement of Demonitization Of Rs 500 and Rs.1000
Central Government and Reserve Bank Of India Taken Measures after announcement of Demonitization Of Rs 500 and Rs.1000
Prime Minister Narendra Modi shocked the country on November 8 by abolishing Rs 500 and Rs 1,000 notes, which accounted for 86% of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India’s cash economy to a virtual standstill.
The government and the Reserve Bank of India have since taken a slew of measures to ease the pain from its measures. They are detailed below in chronological.
November 25
- RBI says old currency notes can be exchanged at RBI branches.
November 24
- Government stops over the counter exchange of old banknotes; can only be deposited.
- Government to ensure adequate cash supply for pensioners, armed forces personnel.
- Allows certain payments in old Rs 500 notes including at tolls, hospitals for limited time.
November 23
- The government says will offer Rs 210 bn rupees in farm credit to farmers
November 22
- RBI sets balance kept in prepaid wallets, cards (PPIs) at 20,000 rupees from 10,000 til Dec 30
- Merchants can transfer up to 50,000 rupees from PPIs to banks til Dec 30
- Monthly limits on transactions via PPIs raised to 20,000 rupees for 10,000 til Dec 30
- RBI asks state-run Nabard to disburse up to 230 bn rupees for crop loans.
November 21
- The RBI allows cash withdrawal of up to Rs 2,50,000 rupees for wedding-related expenses.
- The RBI allows farmers to withdraw up to Rs 25,000 rupees a week from their loan, deposit accounts.
- The RBI gives small borrowers 60 more days before loans of up to Rs 10 mn are marked substandard.
- The government allows farmers to purchase seeds from state-run outlets with old Rs 500 notes.
November 18
- The RBI sets limit of cash withdrawal at card swiping machines at Rs 2,000 per day.
November 17
- The government allows farmers to withdraw up to Rs 25,000 a week against the crop loans.
- The government extends time limit for farmer to pay crop insurance premiums by 14 days.
- Cuts limit for over-the-counter exchange of old bills at banks to Rs 2,000 from Rs 4,500.
November 15
- The government says banks must use indelible ink to ensure people change cash only once.
November 14
- The government extends deadline for payments in old notes including for petrol for limited time.
November 13
- The RBI raises cap on weekly cash withdrawals from banks to Rs 24,000 from Rs 20,000.
- Removes per-day withdrawal limit cap of Rs 10,000.
- Raises limit for over-the-counter exchange of old bills at banks to Rs 4,500 from Rs 4,000.
- Waives ATM fees for all transactions by savings bank customers til December 30.
- The government increases withdrawal limits at recalibrated ATMs to Rs 2,500 per day from Rs 2,000.
November 11
- Extends deadline for payments in old notes including for petrol for limited time.
November 8
- India abolishes Rs 500, Rs 1,000 notes in fight against black money.
- Rs 500, Rs 1000 notes must be tendered into banks, RBI by December 30.
- Caps exchange of old bills over-the-counter at banks at Rs 4,000.
- Caps cash withdrawals from bank accounts at Rs 10,000 per day till November 24.
- Caps cash withdrawals from bank accounts at Rs 20,000 per week till November 24.
- Caps cash withdrawals from ATMs at Rs 2,000 per day per card till November 18.
- Caps cash withdrawals from ATMs at Rs 4,000 per day per card from November 19.
- Allows certain payments in old notes including for petrol for limited time.
Source:Hindustan Times
Friday, 18 November 2016
RTGS
12:38
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes -..certain operational aspects of this scheme have been taken:
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes -..certain operational aspects of this scheme have been taken:
New Delhi, November 17, 2016
Kartika 26, 1938
In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes, the Government of India has been receiving several suggestions including thosefrom the State Governments. The Government has considered various suggestions and the following decisions relating to certain operational aspects of this scheme have been taken:
i. We are now at the beginning of the Rabi season. The farmers need various inputs for their agricultural activities. While the Government is keen on promoting payment through the banking or digital system, it is felt necessary to make some quantum of cash available with farmers to meet various expenses in connection with agricultural operations. It has, therefore, been decided that farmers would be permitted to draw upto Rs. 25000/- per week in cash from their KYC compliant accounts only. These cash withdrawals would be subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC).
ii. Farmers are currently selling their produce from the Kharif season in the APMC markets/mandis. The farmers who receive such payments in their bank accounts through
cheque/ RTGS will be permitted to draw up to Rs. 25000/- per week in cash. These accounts will have to be KYC compliant. This facility will enable the farmers to meet
their various expenses connected with agriculture. This will also infuse lot of liquidity into the rural sector.
iii. Traders registered with APMC markets/mandis will be permitted to draw up to Rs. 50,000/- per week in cash from their KYC compliant accounts as in the case of business entities. This will enable these traders to pay wages and facilitate easy loading, unloading and other activities at the mandis.
iv. For payment of crop insurance premium, States fix time limits depending on their local requirements and conditions. Consequently, the last date for payment expires on different dates. It has now been decided to extend the last date for payment of crop insurance premium by 15 days.
v. While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts. These accounts have to be necessarily KYC compliant. The amounts can be drawn only by either of the parents or the person getting married. Only one of them will be permitted to draw this amount. This limit of Rs. 2,50,000/- will apply separately to the girl’s family and the boy’s family. The person drawing such amount has to furnish the PAN details. Further, a self-declaration will have
to be submitted by the person to the effect that only one person from his/her family is drawing the amount. It is expected that members of the public will fully cooperate to
ensure that the above guidelines are adhered to. Any misuse of this facility will invite appropriate action based on the self-declaration and other details.
vi. At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports oforganized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their bank accounts.However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs.1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from18th November, 2016.
vii. Central Government employees up to Group `C’ including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be
given an option to draw salary advance up to Rs. 10,000/- in cash. This amount will be adjusted in their salary for November, 2016. It is expected that this decision will ease the
pressure on the banks.
Source:Finmin
Monday, 14 November 2016
Prime Minister
22:27
Temporary Operational Changes in Limits and Waive Charges -Ministry Of Finance
Temporary Operational Changes in Limits and Waive Charges,
E-Payments :
- All Central Government Departments and Public Sector Enterprises are being instructed to use the method of e-payments to the maximum extent possible.
- RBI has advised National Payments Corporation of India (NPCI) to waive its transaction charges on transactions settled through National Financial Switch(NFS) till 31st December, 2016.
- Banks are also being advised to waive similar charges currently levied by them.
Limits of Withdrawal Enhanced
- The withdrawal limit of Rs.20,000/- per week has been enhanced to Rs.24,000/-. The withdrawal limit of Rs.10,000/- per day has been removed.
- The limit of Rs.4000/- for over the counter exchange against old Rs.500/- and Rs.1000/- notes has been increased to Rs.4500/-. This will enable the Banks to
- give lower denomination notes for Rs.500/- while dispensing the remaining Rs.4000/- through Rs.2000/- notes.
- The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs.2500/- per
- withdrawal. This will enable dispensing of lower denomination currency notes for about Rs.500/- per withdrawal. Other ATMs which are yet to be recalibrated,
- will continue to dispense Rs.2000/- till they are recalibrated.
- Business entities having Current Accounts which are operational for last three months or more will be allowed to draw Rs.50,000/-per week. This can be done
- in a single transaction or multiple transactions. This will enable the small business entities to pay wages to their workers and make sundry payments.
- Adequate cash will be made available with District Central Cooperative Banks (DCCBs) to facilitate withdrawal from existing accounts. The cash withdrawal limits for Banks will apply in case of DCCBs also.
The above measures would substantially enhance the reach of the banking system to exchange notes and facilitate cash withdrawal from bank accounts.
Saturday, 12 November 2016
Wednesday, 9 November 2016
RBI
16:06
Introduction Of New 500 and 2000 Bank Notes
Introduction Of New 500 and 2000 Bank Notes
Prime Minister Narendra Modi today announced that Rs 500 and Rs 1000 banknotes would be withdrawn from the financial system at midnight, saying it was part of a crackdown on rampant corruption.
The surprise step appears to be designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy.
The Reserve Bank of India is introducing new design banknotes in the denomination of Rs 2000 as part of Mahatma Gandhi (New) Series. The new denomination has motif of the Mangalyaan on the reverse, depicting the country's first venture in interplanetary space. The base colour of the note is magenta. The note has other designs, geometric patterns aligning with the overall colour scheme, both on the obverse and the reverse. The size of the new note is 66mm x 166mm
Features of the New Rs 2000 Note
Obverse
1. See through register with denominational numeral 2000 can be seen when the note is held against light
2. Latent image with denominational numeral 2000 which can be seen when the banknote is held at 45 degree angle at the eye level
3. Denominational numeral 2000 in Devanagari
4. Portrait of Mahatma Gandhi in the centre
5. Micro letters 'RBI' and '2000'
6. Colour shift windowed security thread with inscriptions 'Bharat', RBI and 2000. Colour of the thread changes from green to blue when the note is tilted
7. Guarantee Clause, Governor's signature with Promise Clause and RBI emblem towards right
8. Mahatma Gandhi portrait and electrotype (2000) watermarks
9. Number panel with numerals growing from small to big on the top left side and bottom right side
10. Ashoka Pillar emblem on the right
For visually impaired
11. Raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, based and identification mark
12. Horizontal rectangle with Rs 2000 in raised print on the right
13. Seven angular bleed lines on left and right side in raised print
Reverse
14. Year of printing on the note
15. Swachh Bharat logo with slogan
16. Language panel towards the centre
17. Motif of Mangalyan - reflecting country's first venture in the interplanetary space
The new Rs 500 notes are different from the present series in colour, size, theme, location of security features and design elements. The size of the new note is 63mm x 150mm. The colour of the notes is stone grey and the predominant new theme is Indian heritage site - Red Fort.
Obverse:
1. See through register in denominational numeral.
2. Latent image of the denomination numeral.
3. Denomination numeral in Devanagari.
4. Orientation and relative position of Mahatma Gandhi portrait changed.
5. Windowed security thread changes colour from green to blue when note is tilted.
6. Guarantee clause, Governor's signature with promise clause and RBI emblem tilted towards right.
7. Portrait and electrotype watermarks.
8. Number panel with numerals growing from small to big on the top left side and bottom right side.
9.Denomination in numerals with rupee symbol in colour changing ink (green to blue) on bottom right.
10. Ashoka pillar emblem on the right.
For visually impaired:
Raised printing of Mahatma Gandhi portrait, Ashoka pillar emblem, based and identification mark.
11. Circle with Rs 500 in raise print on the right.
12. Five bleed lines on left and right in raised print.
Reverse
13. Year of printing of the note on left.
14. Swachh Bharat logo with slogan.
15. Language panel towards centre.
16. Red Fort- an image of Indian heritage site with Indian flag.
17. Denomination numeral in Devanagari on right.
Source:IndiaToday
volume of transactions
08:47
VALID TRANSACTION AND EXCHANGE OF OLD AND NEW NOTES
VALID TRANSACTION AND EXCHANGE OF OLD AND NEW NOTES
Tuesday, 8 November 2016
Narendra Modi
21:02
PM Modi Live: New Currency Notes for Rs 2,000, Rs 500 to be Issued
Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.
Modi says the citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.
“People can deposit notes of Rs 1,000 and Rs 500 in their banks from November 10 till December 30, 2016,” says PM.
All other coins and notes to be continued.
Monday, 3 October 2016
Narendra Modi
16:27
Bank Account for Army Welfare
Bank Account for Army Welfare
Doubts cleared, welfare scheme draws funds
Despite initial tepid response, the flow of funds to the Centre’s Army Welfare Fund Battle Casualties (AWFBC) scheme has picked up with over Rs.2 crore in the account.
The poor response to the scheme, launched on August 2, was blamed on the doubts over the genuineness of a WhatsApp message about the AWFBC. Many took the message as spam and ignored it. “The Modi government has started a new scheme exclusively for the Army battle casualties and weapon purchase. The government has opened a bank account where people can donate funds directly to the Army Welfare Account. People had suggested to the government to open a bank account to collect funds exclusively for battle casualties and purchasing weapons for the Army. The Modi government has accepted the suggestion and opened an account in Syndicate Bank, New Delhi, for the same. The most attractive feature of this scheme is that people can donate the smallest amount of one rupee. Our country’s population is 130 crore, even if 100 crore people (70 per cent) deposit one rupee each, the Ministry will get Rs.100 crore a day, Rs.3,000 crore a month, and Rs.36,000 crore a year,” the message reads.
Syndicate Bank Staff Association national vice-president K.S. Bhatt saidthe message was genuine and the bank had started receiving contributions from August 2. Replying to a question by Kirit Somaiya, MP, officer on special duty to the Minister of Defence, Upendra Joshi clarified the welfare fund account was genuine. “Army Welfare Fund Battle Casualties, Account No. 90552010165915, Bank & branch: Syndicate Bank, South Block, New Delhi-11, IFSC Code: SYNB0009055,” Mr. Joshi’s letter stated the account details.“The donations received to the fund will be utilised to pay financial assistance to widows of our battle casualties.”
Mr. Bhatt said the funds in the account crossed Rs. 2.5 crore on Wednesday.
Source:The Hindu
