Corporate Updates – 17-11-2016


As per the Standard Operating Procedure (SOP) for exchanging notes, concerned bank branches and post offices would put indelible ink mark on the right index finger of the customer so as to identify that he/she has exchanged the old currency notes once. This procedure has been introduced in the select metro cities. The indelible ink is supplied to the bank/post offices by Indian Banks’ Association (IBA) in coordination with the banks and consultation with RBI. It further clarified that indelible ink on the index finger of the left hand or any other finger of the left hand may not be used as a pretext to deny exchange of old notes.


CBDT has amended the Rule for filing of Annual Information Return (AIR) report by banking company, cooperative bank and post offices on account of aggregate cash deposits in one or more current account of a person. The Government has asked banks and post offices to report to the I-T Department all deposits above Rs 2.50 lakh in savings accounts, and more than Rs 12.50 lakh in current accounts, made during the 50-day window provided to tender the scrapped 500 and 1000 rupee notes. Earlier, banks were required to report to the I-T Department only when cash deposits in an account exceeded Rs 10 lakh in one full year.

News from NIRC of ICSI

Registration open for NIRC’s Workshop on “VALUATION – APPROACHES & METHOD” on Saturday, the 19th November, 2016 from 10.00 AM (Registration starts at 9.00 AM) onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 400/- upto 18-11-2016 for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Free For Members of Yuva Corporate Membership Scheme of NIRC; Program Credit Hours: 04.

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