Use of old Rs 500 notes for utility bills extended till Dec 15; Exchange stopped
Posted Date : 24-Nov-2016 , 08:19:06 pm | Posted By CASANSAAR
The Centre on Thursday extended the usage of old notes for payment of public utilites bill till December 15, but ended the deadline for over the counter exchange of the banned Rs 500 and Rs 1000 notes.
Government also extended the suspension of toll collection on all national highways till Decemb...
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Jan Dhan accounts mobilise Rs 21000 crore after demonetisation
Posted Date : 24-Nov-2016 , 08:14:40 am | Posted By CASANSAAR
Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.
Post demonetisation, the total balance on Jan Dhan accounts stood at Rs 66,636 crore. As of November 9 — the day from which higher ...
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Old Rs 500/1000 notes can be deposited in Post Office A/cs
Posted Date : 23-Nov-2016 , 10:35:12 pm | Posted By CASANSAAR
People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said on Wednesday.
The ministry had on Tuesday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes.
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Bombay HC questions RBI’s, finance ministry’s conflicting demonetisation orders
Posted Date : 22-Nov-2016 , 08:31:27 am | Posted By CASANSAAR
The Bombay high court on Monday asked the Ministry of Finance to clarify the reason behind the conflict between the demonetisation notification issued by the ministry and the RBI circular of November 14, which keeps district central cooperative (DCC) banks out of the demonetisation policy.
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Banks get about Rs 5.44 L cr worth of scrapped notes
Posted Date : 22-Nov-2016 , 08:14:56 am | Posted By CASANSAAR
People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency.
The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and Novem...
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Banks Tomorrow Will Not Swap Old Notes For New, Except For Seniors
Posted Date : 18-Nov-2016 , 10:28:26 pm | Posted By CASANSAAR
Banks tomorrow will not exchange the old 500 or 1,000 rupee notes for new bills, allowing only senior citizens to make the one-time swap for upto Rs. 2,000. On Sunday, banks will remain shut.
"After this inking and all, we have seen for the last two days now, there is a visibly less rush in ...
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Several banks slash FD rates by up to 1% after surge in deposits
Posted Date : 18-Nov-2016 , 10:07:44 pm | Posted By CASANSAAR
Several banks have slashed their Fixed Deposit rates by up to 1 per cent after the surge in deposits following demonetisation.
Canara Bank announced lowering its deposit rates in the range of 0.05 to 0.25 per cent while United Bank of India slashed rates of short-term deposits by 1 per cent. ...
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Over 8,100 defaulters owe Rs 76,685 cr to banks
Posted Date : 18-Nov-2016 , 10:04:34 pm | Posted By CASANSAAR
Public sector banks (PSBs) have reported 16 per cent rise in number of wilful defaulters at 8,167 who collectively owe them Rs 76,685 crore at the end of March 2016.
As against the previous year, there is 16 per cent rise in wilful defaulters owing over Rs 25 lakh each to 8,167 from 7,031 at the ...
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Cannot disclose details on release of new Rs 500 notes - RBI
Posted Date : 18-Nov-2016 , 05:53:38 pm | Posted By CASANSAAR
The Reserve Bank of India today informed the Madras High Court that it cannot disclose details regarding the release of new Rs 500 denomination currency to the banks for distribution due to security reasons.
The submission was made by the counsel for RBI on a petition seeking a direction to the R...
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Long queues outside banks a 'Serious Issue' - SC
Posted Date : 18-Nov-2016 , 05:51:06 pm | Posted By CASANSAAR
The Supreme Court today dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising R...
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Govt allows dispensing cash through debit card from selected petrol pumps
Posted Date : 18-Nov-2016 , 07:54:52 am | Posted By CASANSAAR
The government allowed dispensing cash of up to Rs 2,000 through debit card swipe at some selected IOCL, BPCL and HPCL petrol pumps. The initiative has been launched by the public sector oil companies in association with State Bank of India to ease the burden on banks and ATMs.
The facility...
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Relief for farmers, families celebrating weddings, Govt issues guidelines on withdrawal norms
Posted Date : 17-Nov-2016 , 05:23:35 pm | Posted By CASANSAAR
In a breather for farmers across the country ahead of the onset of Rabi season, Economic Affairs Secretary Shaktikanta Das Thursday announced that farmers can withdraw up to Rs 25,000 per week from the payment they receive for agriculture produce in form of cheque or RTGS. Further, the government ha...
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Customer PAN must for deposit exceeding Rs 50,000: RBI to banks
Posted Date : 17-Nov-2016 , 08:17:31 am | Posted By CASANSAAR
In the wake of demonetisation of high-value currency, RBI has asked banks to ensure that customers submit a copy of permanent account number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the account.
The apex bank said this in a notification with ...
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SBI collects Rs 1,14,139-cr in deposits in last 7 days
Posted Date : 17-Nov-2016 , 08:11:29 am | Posted By CASANSAAR
State Bank of India today said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes.
The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 PM, SBI said in a statement here ...
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Banks may hire retired staff to deal with cash rush
Posted Date : 16-Nov-2016 , 10:06:44 am | Posted By CASANSAAR
The finance ministry today asked banks to consider engaging retired employees to deal with the unprecedented rush for exchange of invalid currency notes and ease pressure on existing staff.
In a letter written to Indian Banks' Association (IBA), the financial services department of the financ...
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SC refuses to stay Govt's demonetisation notification
Posted Date : 15-Nov-2016 , 02:27:18 pm | Posted By CASANSAAR
Supreme Court today refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience.
"We will not be granting any stay," a bench comprising Chief Justice T S Thakur and D Y Chand...
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Indelible ink to be used to identify people who've made withdrawals
Posted Date : 15-Nov-2016 , 02:21:32 pm | Posted By CASANSAAR
Even as the government and the Opposition are trying to formulate their strategies for the coming winter session of Parliament on the issue of demonetisation, Economic Affairs Secretary Shaktikanta Das, in a press meet on Tuesday, made a couple of announements to combat the crisis of cash ...
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SC to hear pleas on demonetisation of Rs 1,000 and 500 notes
Posted Date : 14-Nov-2016 , 08:53:13 pm | Posted By CASANSAAR
Amidst unprecedented panic rush in banks and ATMs across the country, the Supreme Court would tomorrow hear a batch of PILs seeking quashing of the government's decision to demonetise Rs 1,000 and Rs 500 currency notes on the grounds that it infringed citizens' right to life and trade among ...
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ATM withdrawal limit increased to Rs 2500/day; Exchange limit Rs 4500
Posted Date : 13-Nov-2016 , 09:52:26 pm | Posted By CASANSAAR
Daily limit for withdrawing cash from ATMs has been increased to Rs 2,500 from existing Rs 2,000, announced Ministry of Finance on Sunday after reviewing the position regarding availability and distribution of all denomination of bank notes.
Follow
Min...
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Rs 500/1,000 notes valid for key utilities till Nov 14
Posted Date : 11-Nov-2016 , 09:51:09 pm | Posted By CASANSAAR
Government today extended use of old Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees as well as purchases from co-operative stores by another 72 hours to November 14 as it struggles to make available alternative currency.
While withdrawing Rs 500 and Rs 1,000 no...
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Madras High Court dismisses petition challenging demonetisation
Posted Date : 11-Nov-2016 , 02:09:26 pm | Posted By CASANSAAR
The Madurai bench of the Madras High Court today dismissed the petition seeking a stay on demonetisation of Rs 500 and Rs 1,000 notes.
The petition was filed by the political party Indian National League (INL).
The bench said the government's demonetisation scheme is good for the country.
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Plea in SC against demonetisation of Rs 1,000 & Rs 500 notes
Posted Date : 10-Nov-2016 , 08:20:06 am | Posted By CASANSAAR
A plea was Wednesday filed in Supreme Court seeking quashing of the Narendra Modi government’s decision to demonetise Rs 1,000 and Rs 500 currency notes on grounds that it infringed on citizens’ right to life and to trade, among others. The PIL, which could be listed for hearing during t...
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Deposits over Rs.10 lakh to attract 200% penalty - Revenue Secretary
Posted Date : 10-Nov-2016 , 07:53:06 am | Posted By CASANSAAR
Those who have deposited more than Rs 10 lakh in their bank accounts, not commensurate with their income tax returns, will have to pay tax and a 200 per cent penalty on the amount as laid out in the Income Tax Act, Revenue Secretary Hasmukh Adhia tweeted on Wednesday.
“If ...
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Lawyers file plea in Bombay HC challenging ban on Rs 500, Rs 1,000 notes
Posted Date : 09-Nov-2016 , 07:20:10 pm | Posted By CASANSAAR
Two senior advocates have moved the Bombay high court (HC) urging it to take suo moto cognisance of the Union government’s decision to stop the circulation of all currency notes of the denomination of Rs500 and Rs1,000.
Advocate Jamshed Mistry and advocate Jabbar Singh moved the HC’s ...
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No tax immunity for deposits of old Rs 500, Rs 1000 notes in banks - FM
Posted Date : 09-Nov-2016 , 07:14:39 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Wednesday said deposits of now-defunct old Rs 500 and Rs 1,000 currency notes in bank accounts will not enjoy immunity from tax and the land of law will apply on source of such money. A day after the government announced the withdrawal of Rs 500 and Rs 1,000 banknote...
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Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016
Posted Date : 09-Nov-2016 , 05:57:14 pm | Posted By CASANSAAR
RBI/2016-17/114
DBR.No.Leg.BC.31/09.07.005/2016-17
November 9, 2016
The Chairman / Managing Director and Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/
Small Finance Banks / Regional Rural Banks / Local Area Banks
All Cooperative Banks
Dear...
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Full text of PM Modi's speech on Demonetisation of Rs.500 and Rs.1000
Posted Date : 08-Nov-2016 , 11:36:05 pm | Posted By CASANSAAR
My dear citizens
I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us ...
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New Rs 2000 and Rs 500 Notes to be Issued Soon
Posted Date : 08-Nov-2016 , 09:01:11 pm | Posted By CASANSAAR
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 deposi...
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Banks to report frauds of Rs one crore and above to CVC
Posted Date : 31-Oct-2016 , 04:31:17 pm | Posted By CASANSAAR
With several high-ticket alleged frauds like Vijay Mallya loan default case coming to fore, Central Vigilance Commission has now made it mandatory for the public sector banks to report to it all such matters involving funds over Rs one crore.
Based on the reports, the anti-corruption watchdog, wh...
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3.2 million debit cards compromised; SBI, HDFC Bank, ICICI, YES Bank and Axis worst hit
Posted Date : 20-Oct-2016 , 07:44:15 am | Posted By CASANSAAR
Banks in India will either replace or ask users to change the security codes of as many as 3.2 million debit cards in what's emerging as one of the biggest ever breaches of financial data in India, people aware of the matter said. Several victims have reported unauthorised usage from locations i...
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