RBI/2016-17/179 DCM (Plg) No. 1679/10.27.00/2016-17 December 12, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir, Detection of counterfeit notes in Specified Bank Notes (SBNs) - Reporting Please refer ourcirculars DCM (Plg) No.1264/10.27.00/2016-17andDCM (Plg) No.1291/10.27.00/2016-17dated November 11, 2016 and November 16, ...

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RBI/2016-17/178 DPSS.CO.OSD.No.1485/06.08.005/2016-17 December 09, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Dear Sir, Security and Risk Mitigation measure - Technical Audit of Prepaid Payment Instrument issuers With the withdrawal of legal tender characteristics of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes – SBN), the use of alternate modes of pa...

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Category : RBI | Comments : 0 | Hits : 909

RBI/2016-17/177 DBR.AML.BC.47/14.01.01/2016-17 December 8, 2016 All Regulated Entities Dear Sir/Madam, Amendment to Master Direction on Know Your Customer In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, it has been decided to make certain amendments to theMaster Direction on Know Your Customer (KYC). The two major changes being notified are as under: ...

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RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 December 8, 2016 All Regulated Entities (REs) Dear Sir/Madam, Amendment to Master Direction (MD) on KYC In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949 and section 35A read with section 56 of that Act, Rule 9 (14) of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 and all other laws...

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RBI/2016-17/174 DBR.No.Ret.BC.46/12.01.001/2016-17 December 7, 2016 The Chairperson / CEOs of all Scheduled Commercial Banks/ Regional Rural Banks / All Scheduled Primary (Urban) Co-operative Banks / All Scheduled State Co-operative Banks Dear Sir, Reserve Bank of India Act, 1934 – Section 42(1A) Withdrawal of the Incremental CRR Please refer to ourcircular DBR.No.Ret.BC.41/12.01.001/2016-17 dated November 26, 2016whereby all scheduled banks were required to maintain, und...

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Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act - General Circular 13/2016 Dated 05-12-2016...

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Category : Companies Act | Comments : 0 | Hits : 980

RBI/2016-17/172 DPSS.CO.PDNo.1431/02.14.003/2016-17 December 6, 2016 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs/ Urban Co-operative Banks / State Co-operative Banks/ District Central Co-operative Banks/ Authorised Card Payment Networks Payment Banks and Small Finance Banks Madam/Sir, Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ₹ 2000/- for card network ...

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RBI/2016-17/173 DBR.AML.BC.No.44/14.01.001/2016-17 December 06, 2016 All Regulated Entities (REs) Dear Sir/Madam, Requirement of customer due diligence and need for maintenance of records It has been reported that, of late, a lot of customers are approaching banks for re-activation of dormant accounts. 2. In this regard, we invite attention to paragraph 24.2 (ix) of theMaster Circular on &l...

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Notification 11/2016 : Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source...

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RBI/2016-17/170 DPSS.CO.PD No.1421/02.14.003/2016-17 December 02, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised Card Payment Networks / White Label ATM Operators / Payments Banks / Small Finance Banks Dear Madam / Sir, ...

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RBI/2016-17/169 DCM (Plg) No. 1508/10.27.00/2016-17 December 02, 2016 The Chairman / Managing Director/ Chief Executive Officer (All banks maintaining currency chests) Dear Sir, Allocation of banknotes Please refer to ourcircular DCM (Plg) No.1345/10.27.00/2016-17 dated November 22, 2016On “Making cash available for Rabi Crop Season – Advisory to banks”. 2. In continuation of the above and to ensure that adequate allocation of banknotes are made for the rura...

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RBI/2016-17/167 DBR.No.BP.BC.43/21.01.003/2016-17 December 01, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Large Exposure Framework Please refer to the paragraph 3 of the Statement on Developmental and Regulatory Policies issued by RBI on October 4, 2016 (extract enclosed). It was indicated therein that RBI will issue final guidelines on Large Exposure Framework (LEF) by end-October, 2016. Accordingly, the final guidelines areannexed. ...

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RBI/2016-17/168 DBR.BP.BC.No.42/08.12.014/2016-17 December 1, 2016 All Scheduled Commercial Banks (Excluding RRBs) All India Term-Lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam/Dear Sir, Financing of Infrastructure – ‘Definition of 'Infrastructure Lending' Please refer to ourcircular DBOD.BP.BC.No.66/08.12.014/2013-14 November 25, 2013on 'Definition of Infrastructure Lending' harmonising the RBI definition of Infrastru...

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In the wake of the withdrawal of legal tender character from the Specified Bank Notes (SNBs), Reserve Bank of India has been, from time to time, issuing instructions to the banks through the website of RBI (www.rbi.org.in) and official mail. 2. It has been reported that certain guidelines / instructions purported to be issued by RBI are being circulated in the social media by some unscrupulous elements creating confusion in the minds of the public/ bank personnel. 3. Banks are, therefore, ...

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RBI/2016-17/165 DCM (Plg) No. 1450/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Accounts under PMJDY - Precautions Please refer to ourcircular DCM (Plg) No.1424/10.27.00/2016-16 dated November 25, 2016on “Withdrawal of cash – Weekly limit&rdquo...

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RBI/2016-17/164 DCM (Plg) No. 1459/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, (All banks maintaining currency chests) Dear Sir, Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit Please refer to our circular. DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009, which inter alia stated that the balance in a currency chest, exceeding the Chest Balance Limit / Cash Holding Limit will be de...

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RBI/2016-17/165 DCM (Plg) No. 1450/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Accounts under PMJDY - Precautions Please refer to ourcircular DCM (Plg) No.1424/10.27.00/2016-16 dated November 25, 2016on “Withdrawal of cash – Weekly limit&rdquo...

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RBI/2016-17/164 DCM (Plg) No. 1459/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, (All banks maintaining currency chests) Dear Sir, Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit Please refer to our circular. DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009, which inter alia stated that the balance in a currency chest, exceeding the Chest Balance Limit / Cash Holding Limit will be de...

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RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash from bank deposit accounts - Relaxation It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the curr...

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RBI/2016-17/160 DCM (Plg) No. 1430/10.27.00/2016-17 November 27, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir, Chest Guarantee Scheme for Specified Bank Notes (SBNs) - CGSS Please refer to ourcircular DCM (Plg) No.1383/10.27.00/2016-17 dated November 24, 2016on “Specified Bank Notes (SBNs) - Deposit under Guarantee ...

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RBI/2016-17/159 DBR.No.Ret.BC.41/12.01.001/2016-17 November 26, 2016 The Chairperson / CEOs of all Scheduled Commercial Banks/ Regional Rural Banks / All Scheduled Primary (Urban) Co-operative Banks / All Scheduled State Co-operative Banks Dear Sir, Reserve Bank of India Act, 1934 – Section 42(1A) Requirement for maintaining additional CRR Under section 42(1) of Reserve Bank of India Act, 1934, all Scheduled Banks are required to maintain with Reserve Bank of India a Cash...

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RBI/2016-17/157 A.P. (DIR Series) Circular No.20 November 25, 2016 To All Authorised Persons Madam / Sir, Exchange facility to foreign citizens Attention of Authorized Persons is invited to theA.P. (DIR Series) Circular No. 16 dated November 9, 2016giving certain exemptions to foreign tourists visiting India. In supersession of instructions issued therein, it has been decided that foreign citizens (i.e. foreign passport holders) can exchange foreign exchange for Indian currenc...

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RBI/2016-17/155 DCM (Plg) No.1391/10.27.00/2016-17 November 24, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir, Discontinuation of over the Counters Exchange of SBN Please refer to ourcircular DCM (Plg) No.1302/10.27.00/2016-17 dated November 17, 2016on “Withdrawal of Legal Tender Character of existing ₹ 500 and ₹...

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RBI/2016-17/154 DCM (Plg) No.1384/10.27.00/2016-17 November 24, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/ District Central Co-operative Banks Dear Sir, Withdrawal of Specified Banknotes : Cash requirements of pensioners and Armed Forces Personnel In view of the withdrawal of legal tender character of the Specified Banknote...

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RBI/2016-17/153 DCM (Plg) No.1383/10.27.00/2016-17 November 24, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear Sir, Specified Bank Notes (SBNs) - Deposit under Guarantee Scheme to decongest the storage facilities at banks As you ar...

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RBI/2016-17/152 DBR.Appt.BC.No.39/29.39.001/2016-17 November 24, 2016 All Commercial Banks excluding RRBs Dear Sir / Madam, Special knowledge or practical experience useful to banking companies In the backdrop of innovations in banking and technology, it is felt that the domain knowledge and experience enumerated under various statutory provisions for the directors on the boards of commercial banks (excluding RRBs) need to be augmented by knowledge and experience in other special...

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RBI/2016-17/151 DCM (Plg) No.1351/10.27.00/2016-17 November 23, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear Sir, Deposit of specified banknotes (SBN) in Small Savings Schemes Please refer to ourcircular DCM (Plg) No.1226/10.27.0...

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Category : RBI | Comments : 0 | Hits : 1038

Government of India has taken-up a number of initiatives for promoting 'Ease of doing business'. One of the ways to make cargo clearance easier is to reduce the use of paper and to introduce electronic messaging and paperless processing. The Board seeks to ensure that the success achieved over the years in advancing automated clearance processes, EDI messaging and digital signatures translate into a paper-free environment, besides reducing transaction cost...

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Category : Custom | Comments : 0 | Hits : 1003

RBI/2016-17/150 DPSS.CO.PD.No.1288/02.14.006/2016-17 November 22, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Dear Madam / Sir, Special measures to incentivise Electronic Payments – (i) Enhancement in issuance limits for Pre-Paid Payment Instruments (PPIs) in India (ii) Special measures for merchants Following the withdrawal of legal tender characteristics of existing ₹...

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RBI/2016-17/149 DCM (Plg) No.1346/10.27.00/2016-17 November 22, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks/ Foreign Banks Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks. Dear Sir, Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Cash withdrawal for purpose of celebration of wedding – Modification Please refer to thecircula...

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Category : RBI | Comments : 0 | Hits : 1064