Corporate Updates – 10-11-2016

RBI:

Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016. In order to meet the anticipated heavy demand from members of public to conduct their banking transactions, it has been decided that banks shall remain open for public transactions on Saturday, November 12 and Sunday, November 13, 2016. Banks are advised to keep all their branches open on November 12 and 13, 2016 as regular working days for transacting all business. Banks may give due publicity about availability of banking services on these days.

RBI:

RBI has released 25-point detailed FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs. 500/- and Rs. 1000/-. RBI has explained the rationale behind its decision on banning currency notes of Rs. 500 and Rs. 1000. From the FAQs, it has now been clarified that every person shall get cash only upto Rs. 4000 per person on tender of old currency notes, irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account. Further, any person who does not have a bank account shall have to open a bank account to exchange any amount over and above Rs. 4000. The FAQs further clarify on how the withdrawal scheme shall apply on NRIs and tourists.

News from NIRC of ICSI

NIRC of ICSI is organising a full day Seminar on the theme "CORPORATE FRAUD – LITIGATION AND REPORTING" on Saturday, the 12th November, 2016 from 10.30 AM onwards at Hotel Shangri-La, 19 Ashoka Road, Connaught Place, New Delhi 110001. Fee : Rs.2,250/- per delegate inclusive of service tax ; FREE for Corporate Members of NIRC; PCH – 4.

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