Corporate Updates 05 March 2014

RBI: 

The Reserve Bank of India has extended the date for exchanging the pre-2005 banknotes to January 01, 2015. It has also advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience whatsoever to the public. The Reserve Bank solicits the cooperation of the public in withdrawing these notes from circulation by exchanging them at a bank branch convenient to them. The Reserve Bank also clarifies that the public can continue to freely use these notes for any transaction and can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.

RBI: 

The Reserve Bank of India has asks banks to accept e-Aadhaar as an ‘officially valid document’ under anti-money laundering rules and it has been advised to banks that, while opening accounts based on Aadhaar, if the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address. It is further clarified that, banks may accept e-Aadhaar downloaded from UIDAI website as an officially valid document. To view & download the notification, please Click Here.

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