Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016
Dec17

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

The Government of India announced the “Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS)”. This Scheme is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. The terms and conditions of thePradhan Mantri Garib Kalyan Deposit Scheme are as under: Eligibility for Deposits — The deposits under this Scheme shall be made from the 17th day of December, 2016 till 31st day of...

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RBI eases norms for online card transactions upto Rs.2000
Dec08

RBI eases norms for online card transactions upto Rs.2000

RBI has relaxed norms for making online transactions through Cards. So you are not required to authenticate your transaction on uber/ paytm or other online sites upto Rs.2000 once you have given prior permission. Although Banks are required to take consent of customers and leave it to customer, whether they want to opt in or not.   Additional Factor of Authentication (AFA) requirement for transactions upto ₹ 2000/- for online...

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RBI increases CRR temporarily

With the withdrawal of the legal tender status of ₹ 500 and ₹ 1,000 denomination bank notes (Specified Bank Notes – SBNs) from November 9, 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. RBI has stated that the magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead. RBI has decided...

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RBI FAQs on withdrawal of Rs500 and Rs.1000 notes

1. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake...

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Dispensation of Rs.100 denomination banknotes through exclusive ATMs

Reserve Bank of India (RBI) vide circular dated 02.11.2016 has directed banks to increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use. In a review conducted by RBI it was found that very few banks had taken initiatives in setting up ATMs dispensing lower denomination notes including Rs.100 denomination banknotes. Increase in dispensation of Rs.100 bank notes is...

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Import Data Processing and Monitoring System (IDPMS)

  A.P. (DIR Series) Circular No. 05 October 06, 2016 Import Data Processing and Monitoring System (IDPMS) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.65 dated April 28, 2016 read with Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), Government of India Notification No. G.S.R. 381(E) dated May 3, 2000 viz., Foreign Exchange Management (Current...

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