Wednesday, 21 December 2016

Deposit of Specified Bank Notes (SBNs) Limited to Rs.5000/- once during the remaining period till December 30, 2016- RBI

11:55  AMIT KUMAR  No comments
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) - Deposit of Specified Bank Notes (SBNs) into bank accounts

  
RBI/2016-17/189
DCM (Plg) No. 1859/10.27.00/2016-17
December 19, 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,
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) - Deposit of Specified Bank Notes (SBNs) into bank accounts
Please refer to Circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject. On a review of the provisions ii, iii and iv at C of Para 3 dealing with credit of the value of SBNs into bank accounts it has been decided to place certain restrictions on deposits of SBNs into bank accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016 as indicated below:
  1. Tenders of SBNs in excess of ₹ 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed.
  2. Tenders of SBNs up to ₹ 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016. Even when tenders smaller than ₹ 5000 are made in an account and such tenders taken together on cumulative basis exceed ₹ 5000 they may be subject to the procedure to be followed in case of tenders above ₹ 5000, with no more tenders being allowed thereafter until December 30, 2016.
  3. It may also be ensured that full value of tenders of SBNs in excess of ₹ 5000 shall be credited to only KYC compliant accounts and if the accounts are not KYC compliant credits may be restricted up to ₹ 50,000 subject to the conditions governing the conduct of such accounts.
  4. The above restrictions shall not apply to tenders of SBNs for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.
  5. The equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.
  6. The equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex-5 of our circular cited above.
2. Please acknowledge receipt.

Yours faithfully
(P Vijaya Kumar)
Chief General Manager


Source : http://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI18919121655E239E014924C35B46EE4E8CCCF6F30.PDF

Restriction on Deposit of WOS Notes into Post Office SB Account - Directorate Order

11:51  AMIT KUMAR  No comments


Subject: Restriction on Deposit of WOS Notes into SB Account 


        Kindly refer to the SB Order No. 12/2016 dated 08.11.2016 (Para No. 02 (iii) ) regarding deposits of WOS Notes. There is a partial modification in the acceptance of deposits of WOS notes. RBI vide their notification number RBI/2016-17/189 DCM (Plg) No. 1859/10.27.00/2016-17 dated 19.12.2016 has decided to place certain restrictions on deposit of SBNs (Specified Bank Note/WOS Notes) into the accounts by allowing deposits in excess of Rs. 5000/- will be received for credit only once during the period till December 30th, 2016. Copy of the RBI notification is attached herewith. 

It is requested to kindly issue necessary instructions to all concerned in this regard.

With regards,

Sachin Kishore
Director (CBS)
Sansad Marg,
Dak Bhavan

Transfer/Posting Order of IPOs in Bihar Circle on 20.12.2016

11:49  AMIT KUMAR  No comments
ransfer/Posting Order of IPOs in Bihar Circle on 20.12.2016


How to Save Tax for FY 2016-17 Various Sections in Detail - Income Tax Calculation

11:38  AMIT KUMAR  No comments
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First India Post Payments Bank (IPPB) branch in January 2017

11:36  AMIT KUMAR  No comments



Ranchi: India Post, Jharkhand, will become the first in the country to open a bank branch India Post Payments Bank (IPPB) in January.

The basic preparations in terms of infrastructure, manpower and training have been completed.

The move to came after Prime Minister Narendra Modi announced that all post offices should be converted to banks by January next year. The IPPB was incorporated as a public limited company, under the department of posts, Government of India, in August 2015 with 100% government equity.

Talking to TOI, post master general, Jharkhand circle, Anil Kumar said that the first bank branch will begin operations at GPO, Doranda, for which a separate building has been constructed. "Once the GPO branch becomes functional, all other post offices in the state will also start functioning," Kumar said.

There are more than 2,800 India Post offices across the state and the number is likely to be increased to 3,400. "In addition, we have over 100 panchayat seva kendras (PSK) and over 4,000 postmen who can work as business correspondents," Kumar said.

The postmen are being provided with PoS machines. Officials will not only receive money for deposits and disburse payments but will also open new accounts, sell insurance instruments and register money orders. At present, the postal department has issued kits to over 2,700 post offices, which includes a biometric device, printer and a tab for digital transactions.

Kumar said that more than 500 people have already been trained on financial inclusion tools, the usage of PoS machines and briefed on the functioning of post offices as business correspondents. "We have hired experts from Infosys and Rico for training our staff and the training is going on in Ranchi and Jamshedpur," Kumar said.

India Post has also issued debit cards to saving account holders in post offices and once the banking facility begins, more debit cards will be issued. "It will work as full-fledged banks in the wake of the existing robust infrastructures in the remote corners of the state," Kumar said.

Out of 456 post offices, 358 have already been brought on the CBS platform and this is all set to boost the banking structure of Jharkhand post offices once the headquarter branch becomes operational.

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