Corporate Updates – 15-07-2016


RBI vide Notification dated July 14, 2016 came with the Facility for Exchange of Soiled/ Mutilated/ Imperfect Notes. RBI notified that the banks shall exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge. However, if the number of notes to be exchanged is more than 20, banks can levy service charge. The facility of exchanging mutilated or imperfect notes is available at designated bank branches and also non-chest branches. Further, RBI also said that where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs 5000 per day, banks should exchange them over the counter, free of charge and in case notes are presented in bulk (where the number exceeds 20 pieces or Rs 5,000 in value per day), banks will accept them, against receipt, for value to be credited later. RBI stated that in case of bulk exchange, banks can levy service charges. If the tendered value is above Rs 50,000, banks are expected to take the usual precautions. Further, the RBI also laid down norms for non-chest branches for exchange of soiled notes.


Department of Trade & Taxes vide Notification issued The Delhi Value Added Tax (Amendment) Act, 2016 which requires a person to pay tax at the rates notified by the Government in advance but not exceeding the rates applicable on such goods when he imports such goods into the National Capital Territory of Delhi from a place outside India and such goods shall not be sold below the price at which such goods have been purchased and imported. Also, dealers may be required to file the returns only through electronic mode appending digital signatures or any other electronic identification process.

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