RBI:
RBI has notified that Specified Bank Notes (SBNs) deposited in the currency chests, since November 10, 2016 will be considered as part of the chest balance but such deposits will not be reckoned for calculating Chest Balance Limit / Cash Holding Limit. Earlier RBI vide its circular dated October 27, 2009 had stated that the balance in a currency chest, exceeding the Chest Balance Limit / Cash Holding Limit will be deemed to be bank’s own cash, not allowing for inter-chest fungibility.
RBI:
RBI vide its notification dated November 29, 2016 has specified certain limits on the operations in the PMJDY (Pradhan Mantri Jan Dhan Yojna) accounts funded through deposits of Specified Bank Notes (SBNs) after November 09, 2016. Banks are advised to observe that Fully KYC compliant account holders may be allowed to withdraw 10,000/- from their account, in a month and Limited or Non KYC compliant account holders may be allowed to withdraw 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of 10,000. Further, the branch managers may allow withdrawals beyond 10,000 only after ascertaining the genuineness and duly documenting the same on bank’s record.
News from NIRC of ICSI
Registration open for Master Classes on “GST – Goods& Service Tax” to be held from 13th December, 2016 to 17th December, 2016 daily from 5 PM onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.
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