strike
07:52
Showing posts with label news. Show all posts
Showing posts with label news. Show all posts
Monday, 29 April 2019
Friday, 17 August 2018
Wednesday, 25 July 2018
Thursday, 19 July 2018
Reserve Bank of India
15:59
New Bank Note of Rs 100 and their Salient Features
New Bank Note of Rs 100 and their Salient Features
RBI to Issue New Design ₹ 100 Denomination Banknote
The Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has Motif of “RANI KI VAV” on the reverse, depicting the country’s cultural heritage. The base colour of the note is Lavender. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. Dimension of the banknote will be 66 mm × 142 mm.
All the banknotes in the denomination of ₹ 100/- issued by the Reserve Bank in the earlier series will continue to be legal tender.
As is normal, when a new design of banknote is introduced, printing and supply of these notes for distribution to public through the banking channel will gradually increase.
The image and salient features of ₹100 denomination banknotes in the Mahatma Gandhi (New) Series are as under:
ii. Salient Features
Obverse (Front)
1. See through register with denominational numeral 100
2. Latent image with denominational numeral 100
3. Denominational numeral १०० in Devnagari
4. Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘RBI’, ‘à¤ारत’, ‘India’ and ‘100’
6. Windowed security thread with inscriptions ‘à¤ारत’ and RBI with colour shift; 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 of Mahatma Gandhi portrait
8. Ashoka Pillar emblem on the right
9. Mahatma Gandhi portrait and electrotype (100) watermarks
10. Number panel with numerals in ascending font on the top left side and bottom right side
11. For visually impaired intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised triangular identification mark with micro-text 100, four angular bleed lines both on the right and left sides
Reverse (Back)
12. Year of printing of the note on the left
13. Swachh Bharat logo with slogan
14. Language panel
15. Motif of RANI KI VAV
16. Denominational numeral १०० in Devnagari
Source:Reserve Bank Of India
Friday, 9 February 2018
Thursday, 30 November 2017
Wednesday, 4 October 2017
news
19:58
NATIONAL WOMEN OFFICERS' CONVENTION IN MUMBAI ON 4th & 5th NOVEMBER, 2017
NATIONAL WOMEN OFFICERS' CONVENTION IN MUMBAI
ON 4th & 5th NOVEMBER, 2017
Saturday, 22 July 2017
Wednesday, 14 June 2017
Reserve Bank of India
07:06
The Reserve Bank Of India Announced Introduction of New Rs 500 Currency Notes
The Reserve Bank Of India Announced Introduction of New Rs 500 Currency Notes
The Reserve Banks of India (RBI) today announced introduction of new Rs 500 currency notes.
The new version will have few different aspects. The one noticeable aspect of the new currency notes is the inclusion of an inset letter "A".
Besides, in the new notes the signature of the RBI Governor will be on the reverse side.
"In continuation of issuing of Rs 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender, a new batch of banknotes with inset letter "A" in both the number panels bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India; with the year of printing '2017' on the reverse, are being issued," RBI said in a press release.
The design of these notes is similar in all respects to the Rs 500 banknotes in Mahatma Gandhi (New) Series, RBI added.
The current Rs 500 notes have inset letter E. The central bank had demonetised old Rs 500 and Rs 1000 notes on November 8 last year. After that RBI introduced new Rs 500 and 2000 currency notes.
Last week, RBI had said that nearly 83 per cent of the currency has been remonetised and denied there was any shortage of cash in the system.
The data on the amount of demonetised notes returned, however, is still not available.
Source:The Economic Times
Saturday, 22 April 2017
world bank
16:57
Facts About Indian Economy
Facts About Indian Economy
Last
updated: March, 2017
- The
Indian economy is expected to grow at 7.6 per cent in FY 2017-18, as per
the forecast by The World Bank.
- Foreign
direct investment (FDI) inflows rose 22 per cent year-on-year to US$ 35.84
billion during April– December 2016.
- India's
foreign exchange reserves were US$ 367.93 billion in the week up to March
24, 2017, as compared to US$ 366.78 billion over the past week.
- Mutual
Funds asset base reached an all-time high of Rs 17.9 trillion (US$ 276.11
billion) at the end of February 2017, as against Rs 17.37 trillion (US$
267.93 billion) at the end of January 2017.
- India’s
Index of Industrial Production (IIP) rose 2.7 per cent in January 2017, as
against a decline of 0.1 per cent in December 2016. The cumulative IIP
growth for April-January 2016-17 was 0.6 per cent as against 2.7 per cent
growth for the same period in 2015-16.
- The
eight key infrastructure sectors rose 1 per cent in February 2017 as
against 3.4 per cent in January 2017, with steel sector exhibiting the
maximum growth of 8.7 per cent. The cumulative growth during
April-February 2016-17 increased by 4.4 per cent.
- India
has moved up three index points to 136 in October-December 2016 quarter in
Nielsen’s global consumer confidence index. The country's confidence score
was 133 in July-September 2016 quarter, and 128 in April-June 2016
quarter.
- Passenger
vehicle sales rose 9 per cent year-on-year to 255,359 units in February
2017, as compared with 14 per cent year-on-year growth to 265,320 units in
January 2017.
- India's
current account deficit (CAD) is expected to be around 0.7 per cent of
gross domestic product (GDP) in 2016-17, as against a deficit of 1.1 per
cent in 2015-16. The CAD in December 2016 stood at US$ 10.4 billion, in
comparison to a 16-month high of US$ 13 billion in November 2016.
- India’s
Wholesale Price Index (WPI) inflation rate rose to 6.5 per cent in
February 2017 as against 5.2 per cent in January 2017.
- India’s
Consumer Price Index (CPI) inflation rate increased to 3.65 per cent in
February 2017, as against a decline of 3.17 per cent in January 2017.
- Total
Merger and Acquisition (M&A) activity declined 43 per cent in volume
terms to 75 deals worth US$ 2 billion in February 2017.
- Total
value of Private Equity (PE)/venture capital (VC) investments declined by
70 per cent year-on-year to US$ 343 million in February 2017.
Source:IBEF
Thursday, 6 April 2017
news
18:56
FIND OUT NEXT NEW INDIAN CURRENCY 200/-
FIND OUT NEXT NEW INDIAN CURRENCY 200/-
TWO HUNDRED RUPEES - NEW
Sunday, 19 March 2017
news
11:41
Blockchain Registry:How Does It Work?
Block chain Registry:How Does It Work
GEORGIA ON MY CHAIN
The Eastern European Republic, that is, not the US State.
The tendrils of blockchain seem to be getting everywhere these days, not just in financial transactions.
The former Soviet Union member state has signed a Memorandum of Understanding with blockchain tech co Bitfury to bring blockchain authenticated land titling to the republic by this summer, after a pilot programme that commence in 2016.
The system will publish hashes direct to Bitcoin to benefit from the cryptocurrency’s “unmatched security”.
Bitfury’s CEO Valery Vavilov said;
“With this technology, where there is a will, there is a way. And thanks to the forward-looking Georgian government, there is a will. The possibilities for trusted solutions are limitless, and the land-titling project is the first of many creative solutions projects we are developing in concert with the Republic of Georgia and the Blockchain Trust Accelerator to better serve its citizens.”
Source:NextMoney
Source:NextMoney
supply chain
11:34
Chained Finance:BlockChain
Chained Finance:BlockChain
Chinese online lender Dianrong and iPhone manufacturer FnConn this week announced the launch of Chained Finance, the first-ever blockchain platform for supply chain finance.
The new platform leverages advanced financial technology to meet the hugely underserved needs of supply chain finance in China.
Supply chain finance companies have been limited by existing technology and, to date, have only served about 15 percent of suppliers needing financial resources. As a result, the vast majority of the 40 million SMEs in China remain unserved. Chained Finance enables supply chain finance to deliver needed capital to smaller supply chain suppliers and provide large multinational manufacturers with enhanced visibility and transparency.
The two companies recently completed a successful pilot and proof of concept of Chained Finance by securing funding for small and medium enterprises in China that were otherwise unable to secure needed capital. Chained Finance originated US$6.5 million in loans for these SME supply chain operators.
Chained Finance is initially targeting three major industries: electronics, auto and garment manufacturing. It is expected that Chained Finance could help supply chain finance operators potentially triple the number of SME supply chain operators with access to funding in China.
“Blockchain is revolutionizing the finance industry and offers seamless solutions to any company operating and financing complicated supply chains,”
said Soul Htite, Founder and CEO of Dianrong.
“The complexity and scale of supply chain finance has posed major challenges in ensuring adequate funding and efficient operations. Chained Finance creates a unique ecosystem that will provide supply chains with easier access to funding at competitive rates.”
This notable use for blockchain could have global significance, for example in the construction sector where subcontractor chains are notoriously long.
Source:NextMoney
Friday, 17 March 2017
TAXES
08:40
VAT in UAE: What you need to know
VAT in UAE: What you need to know
Dubai: In 2018, consumers in UAE are expected to pay a 5 per cent value-added tax when purchasing most goods and services.
The six states in the Gulf Cooperation Council (GCC) region have agreed to implement VAT, which will generate $25 billion (Dh91.8 billion) in tax proceeds every year.
The new tax policy’s go-live date is only less than a year away, yet many questions still hang in the air. Gulf News collates information from various sources, to answer some of these queries.
Although the roll-out of the new tax policy is months away, many questions still hang in the air
Will I pay VAT every time I purchase something at the grocery?
No. There will be a number of items in your shopping cart that will be VAT-exempt. Younis Al Khouri, undersecretary at the Ministry of Finance, has said that GCC states had already agreed to exempt about 94 food products, as well as the healthcare and education sectors. That means your grocery, hospital or school bills will most likely remain unchanged, unless there are price hikes. A new law, however, has yet to be released to specify which items are non-taxable.
When I buy electronics, clothes, home furnishings and other non-essentials, shall I expect to pay more once VAT is implemented?
Yes. Since VAT is going to be levied on non-essentials, expect to pay a tax when buying electronic items, home appliances and other big-ticket goods. If you want to own a brand-new mobile phone that costs Dh2,600, for instance, prepare to pay an extra Dh130. “There would be definitely an additional payment on non-essentials,” said Rakesh Pardasani, partner at RSM. “In some cases for white goods, manufacturers may absorb some of the 5 per cent, to keep their products competitive but yes, the end consumer can expect to pay more.
How about buying airline tickets, will it also be taxable?
Since the VAT law is not out yet, there is no definitive answer to this. But judging by the VAT implementation in other countries, there is a likelihood that the price of airfares won’t go up because of VAT. “We will have to wait and see, but if we look at examples in other countries, for instance in the UK as well as in Singapore (where VAT is called GST), passenger transport carries VAT at zero percent. So, it is expected that air tickets in the UAE may be carrying similar VAT rate of zero percent,” said Pardasani.
Will the 5 per cent VAT increase the cost of living in UAE?
The cost of living will likely go up slightly for a lot of people, but this will all depend on the individual’s buying preferences and lifestyle. If you keep on taking home things that are taxable and maintain an expensive lifestyle, expect your outgoings to increase. “If you ask me, I don’t think 5 per cent will break the bank,” said Pardasani, when asked whether VAT will make dining at restaurants costlier. “If one is to spend mainly on items which are not attracted by VAT, then the cost of living of the individual is unlikely to have any significant increase,” according to the Emirates Chartered Accountants Group.
Will tourists also pay VAT?
Yes. Tourism spending is a major source of revenue for the UAE and goods purchased by visitors will not be exempted at the point of sale. Anyone buying perfumes, make-up, luxury bags and big-ticket items in the UAE can expect to pay an additional 5 per cent of the sale price. The Ministry of Economy, however, assured that the tax rate is “deliberately low so that VAT is a limited burden on all consumers.” It also remains to be seen if tourists will be given the option to obtain a tax refund at some point, as observed in other countries.
What other taxes is the UAE considering?
The UAE is not discounting the possibility of collecting other forms of tax. “As per global best practice, the UAE is exploring other tax options as well. However, these are still being analysed and it is unlikely that they will be introduced in the near future. The UAE is not currently considering personal income taxes, however,” said the Ministry of Finance.
Will businesses be penalised if they don’t collect VAT?
Businesses are encouraged to implement the new tax system, but the Ministry of Finance said that the government is currently in the process of defining the exact fees and penalties for non-compliance.
When will registration for VAT begin?
If the initial date for the VAT roll-out is followed, businesses can probably start registering for VAT from 1st October 2017. As announced recently, the registration will be open three months before the go-live date. Companies will have the option to register online.
How often are companies required to file VAT returns?
For most businesses, VAT returns should be filed every three months. Filing of returns can also be done online using the government’s eServices.
What should businesses do to prepare for VAT?
According to the Ministry of Finance, businesses may need to change their core operations, financial management and book-keeping, technology and human resource mix in order to prepare for VAT. “It is essential that businesses try to understand the implications of VAT now and once the legislation is issued, make every effort to align their business model to government reporting and compliance requirements.” Businesses are also strongly advised to ensure that in all the commercial contracts they enter into, they include a clause that spells out that the VAT burden can be passed on to the consumer.
“Once the law is out, businesses would first have to figure out whether their products/services are taxable or not and if yes, they would have to ensure that their billing or invoicing process is capable of adding a VAT charge to all taxable products. The easiest way to do this is to alter your IT systems to automatically calculate and add VAT to the invoices,” said Pardasani.
Should companies start hiring VAT professionals?
Hiring new staff that will enable businesses prepare for and implement the new tax policy should be done at this point in time. “Companies should have started to think about the additional resources they would need to ensure VAT compliance. Depending on how tedious / frequent the process is, companies would need resources based on the complexity of their operations. But one thing to bear in mind is that VAT is not only a finance issue,” said Pardasani. “It flows through all operational departments of the company. This is because wherever a company acquires products or services, it may pay VAT and it would need to capture all the documentation relating to VAT paid, in order to claim refunds.”
Source:Gulf News
Thursday, 2 March 2017
news
22:23
Gmail now lets you receive 50MB attachments
Gmail now lets you receive 50MB attachments
If you need to send a file from point A to point B, it’s email – not DropBox or Google Drive – that you tend to use. But this isn’t great for large files. As Senator Ted Stevens once pointed out, the Internet is a series of tubes, and most providers have rules to stop you from them clogging up.
But today, Google announced it doubled the size of attachments you can receive through Gmail, with the maximum size raised from 25MB to 50MB. Annoyingly, the maximum size for an outbound attachment is still 25MB.
Google’s still very much wedded to the idea of people using Google Drive for large files, but it recognizes that many workplaces and individuals are yet to make the switch to Gmail and Gsuite. This move simply makes it easier for Gmail users to receive large attachments – like high-resolution photos, presentations, and photoshop files – from those holdouts.
According to Google’s announcement, this update will propagate to all end-users over the next three days, so keep an eye out for it.
And as pointed out by the folks at Android Police, Gmail storage is limited, so be careful. It won’t take that many 50MB attachments to clog up your inbox.
Source:TheNextweb
Friday, 17 February 2017
Reserve Bank of India
08:12
Forgers getting better? NIA says fake Rs 2000 notes ‘identical to the original’
Forgers getting better? NIA says fake Rs 2000 notes ‘identical to the original’
The National Investigation Agency (NIA) has seized three “high quality” fake Rs 2,000 banknotes from a fugitive from West Bengal, who is accused of operating a counterfeit Indian money racket.
The anti-terrorism agency arrested Umar Faruq, who is from Malda in West Bengal, on Tuesday when he was on his way to deliver samples of the note to a fellow smuggler of fake currency. He was on the run since he was implicated for smuggling fake currency notes two years ago.
This is first such seizure of fake notes by the central agency. Before Tuesday’s recovery by the NIA, the Border Security Force (BSF) had also seized 40 fake currency notes in the denomination of Rs 2,000 on February 8 in Malda district, which is on India-Bangladesh border. The case is being probed by state police.
NIA officials said the seized notes looked identical to the original. A detailed forensic analysis is on to check how many security features of the genuine currency have been found to be replicated in them, they added.
The NIA has been mandated by the government to look into only those cases where recovered Fake Indian Currency Notes (FICNs) are of high quality and involvement of organised gangs from across the border is suspected.
Tuesday’s recovery triggered concerns that forgers are getting better at replicating security features of the new high-value notes, introduced after the Centre demonetised Rs 500 and 1,000 bills in November last year to fight corruption, counterfeiting and terrorist funding.
“There have been around half-a-dozen cases in which fake Rs 2,000 notes were recovered after the demonetisation exercise. But they were of inferior quality, mostly printouts of scanned copies of the note. But the recovery on Tuesday by our investigators appear to be of high quality. That’s why we have sought their detailed forensic examination,” a senior NIA official said.
Of the 17 security features on the Rs 2,000 note printed by the Reserve Bank of India, 10 were found on the seized notes, according to intelligence sources. More details would be known once they get the forensic report in a couple of weeks.
Preliminary inquiries by the BSF revealed that counterfeiters have managed to copy six front features —including the see-through register where the numeral 2,000 can be seen when held against light; the Devanagari inscription, portrait of Mahatma Gandhi, and the Ashoka pillar emblem.
They have copied four back features, including the year of manufacturing (2016), the Swachh Bharat logo, the value written in 16 languages, and the motif of Mangalyaan.
Counterfeiting has been reportedly rampant with rackets suspected to be based in Bangladesh, Nepal and Pakistan pushing huge sums of fake money into the Indian economy. It was one of the reasons the government gave when it recalled the two high-value notes, draining out 86% of the cash in circulation.
At the time of introducing the new bills of Rs 2000, the Reserve Bank of India listed out their security features that included a latent image with the denominational numeral 2,000, which can be seen when it is held at a 45 degree angle at the eye level, a colour-shifting windowed security thread with the inscription ‘à¤ारत’, RBI and 2,000 and a see-through register with the denominational numeral 2,000 which can be seen when the note is held up to light.
“We want to see how far the forgers, most likely sitting in Pakistan, have managed to replicate these features of new bills,” said the NIA official.
Source:Banking Updates
Source:Banking Updates
Monday, 16 January 2017
news
08:54
Facebook introduces fake news filter in Germany in time for federal elections
Facebook introduces fake news filter in Germany in time for federal elections
The Financial Times is reporting that Facebook is to roll out its fake news filter in Germany. The move comes in time for Germany’s federal elections, which are due to take place later this year.
German lawmakers are troubled by the potential for hyper-partisan fake news to unduly influence the outcome of the upcoming election, and in recent months there have been a number of fake stories and hoaxes, the majority of which are critical of Merkel.
Now, Facebook users will be able to report suspected fake news stories. These will then be sent to the Berlin-based media non-profit Correctiv. If they deem that story to be false, the article will be marked as “disputed”, along with an explanation of how Correctiv came to that conclusion.
In addition, Facebook will warn users before they share a fake news story. They will also appear lower in the news feed, thereby reducing their visibility.
The roll-out of Facebook’s measures against the menace of fake news won’t stop with Germany and the United States. Speaking to the Financial Times, a spokesperson confirmed that the company confirms they intend to bring it to other countries. “Our focus is on Germany right now but we’re certainly thinking through what countries will unveil next.”
The upcoming election promises to be every bit as fraught and toxic as last year’s general election in the United States, and will see incumbent Angela Merkel’s Christian Democratic Union face stiff competition from Alternative für Deutschland – a populist, anti-immigration political party that’s experienced significant growth in recent years, especially in the wake of the Syrian refugee crisis.
By taking the initiative, Facebook reduces the chance of the German government wading heavily-handed into the issue. German lawmakers have openly considered handing down severe fines to Facebook and other social media websites that permit the spread of fake news, and last year Justice Minister Heiko Maas suggested treating Facebook like a media company, and therefore making it responsible for any content it publishes.
Source:TheNextweb.com
Thursday, 8 December 2016
news
08:53
Why 2000 ,Why not 200 Currency to reduce Corruption
Why 2000 ,Why not 200 Currency to reduce Corruption
Chavan asks Mah CM to exert force to withdraw Rs 2,000 note; introduce Rs 200 note
Nagpur, Dec 7 (UNI)
Former Maharashtra Chief Minister and senior Congress leader Prithviraj Chavan today asked Chief Minister Devendra Fadnavis to convey to the Central government to withdraw the high value currency note of Rs 2,000 as it would only fuel corruption and suggested to introduce a new currency note of Rs 200 instead.
Mr Chavan further asked Mr Fadnavis to discuss the issue with Prime Minister Narendra Modi.
Raising the demand in the Maharashtra Assembly, the Congress leader alleged that BJP government at the Centre took the decision of demonentisation for political gains.
Source:uniindia.com
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
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
