Latest Updates

Discussion in 'Latest News' started by satish, Oct 2, 2015.

  1. Nov 8, 2016

    abhi

    abhi Member

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    500, 1000 rupee notes cease to be legal tender from midnight tonight: PM
    Modi_3073398g.jpg

    From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. "These notes are just papers from tomorrow," says the prime minister.
    Prime Minister Narendra Modi is addressing the nation from New Delhi.

    The Press Information Bureau tweeted stating that the Prime Minister will talk in Hindi first, followed by English.



    Live updates:

    8.53 pm: Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.

    8:34 pm: This is a chance for every citizen to take part in the fight against black money and corruption, says the prime minister.

    8:32 pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.

    8:31 pm: Banks will be closed on November 9.

    8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.

    8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit

    8:25 pm: There are, however, some exemptions. Government hospitals and international airports.

    8:22 pm: The ATMs will not function till November 9, and in some places till November 10.

    8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.

    8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.

    8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. "These notes are just papers from tomorrow," says the prime minister.

    8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.

    8:10 pm: Corruption, black money and terrorism can come in the way of a country's robust economic growth, says the Prime Minister.

    8:07 pm: He moves on from corruption to terrorism. He tells "terrorsists from across the border" are spreading counterfeit currency notes.

    8:06 pm: We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.

    8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone's responsibility to eradicate poverty.

    8:04 pm: Mr. Modi lists out the various schemes launched by NDA government in his address to the nation. He mentions the Jan Dhan Yojana.

    8:03 pm: This govt is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.

    8:02 pm: India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank

    8:01 pm: When we were elected in 2014, there was a discussion that among BRICS nations, the 'I' was wobbling, says the PM.

    8:00 pm: The Prime Minister's address to the nation has begun.

    Source : The Hindu
     
  2. Nov 9, 2016

    abhi

    abhi Member

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    Here's how the new Rs 500 and Rs 2,000 currency notes will look

    new 500 and 2000 notes.jpg
     
  3. Nov 9, 2016

    abhi

    abhi Member

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    New Features of Rs 2000 Note

    The Reserve Bank of India will shortly issue ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, without the inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The new denomination has Motif of Mangalayan on the reverse, depicting the country’s first venture into the interplanetary space. The base colour of the note is magenta. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

    rs 2000 note front.jpg
    rs 2000 note back.jpg


    The salient features of the banknotes will be as under:

    Obverse (Front) Obverse (Front) Reverse (Back)
    1. See through register with denominational numeral 2000
    2. Latent image with denominational numeral 2000
    3. Denominational numeral २००० in Devnagari
    4. Portrait of Mahatma Gandhi at the centre
    5. Micro letters ‘RBI’ and ‘2000’ on the left side of the banknote
    6. Windowed security thread with inscriptions ‘भारत’, RBI and 2000 on banknotes with colour shift. Colour of the thread changes from green to blue when the note is tilted
    7. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right
    8. Denominational numeral with Rupee Symbol, ₹2000 in colour changing ink (green to blue) on bottom right 9. Ashoka Pillar emblem on the right
    Mahatma Gandhi portrait and electrotype (2000) watermarks
    10. Number panel with numerals growing from small to big on the top left side and bottom right side
    For visually impaired
    Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines and identity mark
    11. Horizontal rectangle with ₹2000 in raised print on the right
    12. Seven angular bleed lines on left and right side in raised print
    13. Year of printing of the note on the left
    14. Swachh Bharat logo with slogan
    15. Language panel towards the centre
    16. Motif of Mangalayan
    17. Denominational numeral २००० in Devnagari

    Dimension of the banknote will be
    66 mm × 166 mm

     
  4. Nov 9, 2016

  5. Nov 9, 2016

    abhi

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    Issue of ₹ 2000 banknotes with inset letter ‘R’

    The Reserve Bank of India will shortly issue ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with the inset letter ‘R’, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote.
     
  6. Nov 9, 2016

    abhi

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    Withdrawal of Legal Tender Character of existing 500/- and 1000/- Bank Notes In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India

    500 and 1000 denominations of Bank Notes of the existing series issued by Reserve Bank of India (hereinafter referred to as Specified Bank Notes) shall cease to be legal tender with effect from 9th November, 2016, to the extent specified in the Notification. A new series of Bank Notes called Mahatma Gandhi (New) Series having different size and design, highlighting the cultural heritage and scientific achievements of the country, will be issued. Bank branches will be the primary agencies through which the members of public and other entities will be exchanging the Specified Bank Notes for Bank Notes in other valid denominations or depositing the Specified Bank Notes for crediting to their accounts, upto and including the December 30, 2016. Therefore, banks have to accord highest priority to this work.

    In order to enable the members of public and other entities to exchange their existing 500/- and 1000/- notes, the following arrangements have to be made by the banks.
    Action to be taken on November 09, 2016

    i) November 09, 2016 (Wednesday) shall be a non-business working day for all banks. However, branches will function on that day to carry out preparations for implementing the scheme as per the circular.
    ii) The Specified Bank Notes stocked in ATMs, Cash Deposit Machines, Cash Recyclers, Coin Vending Machines, any other cash dispensing/receiving machine, CIT Companies and Business Correspondents attached to the branch will have to be called back forthwith. The sponsor banks of White Label ATMs will be responsible for recalling the Specified Bank Notes from the White Label ATMs sponsored by them.
    iii) Banks should take steps to stop issuing Specified Bank Notes through their branches, business correspondents from November 9, 2016.
    iv) All ATMs, Cash Deposit Machines, Cash Recyclers and any othermachine used for receipt and payment of cash shall be shut on 9th and 10th November, 2016.
    v) All ATMs and cash dispensing machines will have to be re-configured to disburse bank notes of 100/- and 50/- denominations prior to reactivation of the machines on 11th November, 2016; however banks should await separate instructions from Reserve Bank of India on issuing Mahatma Gandhi (New) series Notes through ATMs and cash dispensing machines though they can be issued over the counters from Nov 9, 2016.
    vi) Every banking company defined under the Banking Regulation Act, 1949 and every Treasury shall complete and forward a return in the format specified in Annex-1 showing the details of the Specified Bank Notes held by it at the close of business as on 8th November 2016, not later than 13:00 hrs on November 10, 2016 to the concerned Regional Office of Reserve Bank of India under whose jurisdiction the Head office of the bank is located. The return should also include details of Specified Bank Notes recalled from ATMs, Cash Deposit Machines, Cash Recyclers, Coin Vending Machines, CIT Companies, Business Correspondents, etc.
    vii) Arrangement should be made by the branches to promptly deposit these Specified Bank Notes with the linked currency chest / RBI and get the amount credited to their account.
    viii) Branches should estimate their cash requirement and obtain from the linked / nearby currency chest /RBI Bank Notes of other valid denominations.
    ix) Cash Deposits machines / Cash Recyclers should continue to accept Specified Bank Notes upto December 30, 2016.
    x) Information Material for educating the public regarding withdrawal of Legal Tender character of the Specified Bank Notes (as per Annex-2) and salient features of the Mahatma Gandhi (New) Series Bank Notes (Annex-3) are required to be printed/copied in adequate quantity and distributed to the public / displayed in the banking hall / ATM kiosks.
    xi) Banks should identify the staff for managing the exchange counters and brief them properly about the scheme and the procedure to be followed. A copy of the FAQs provided in Annex-4 may be supplied to the staff
    manning the exchange counters.
    xii) Banks should provide adequate number of note counting machines, UV Lamps, note sorting machines etc. at their counters to take care of the work load and timely detection of counterfeit notes. As already advised vide our
    circular No DCM (FNVD) No.1134/16.01.05/2016-17 dated October 27, 2016, the banking hall, public areas and counters should be under CCTV surveillance and recording should be preserved.

    Action to be taken on November 10, 2016
    a. Bank branches will commence normal operations on November 10, 2016.
    b. Banks have to accord top priority to provide facility for exchanging / accepting deposits of Specified Bank Notes and open additional counters to meet the public demand and keep the counters open for extended hours, if necessary. Maximum staff should be deployed for this purpose. If necessary banks may consider hiring retired employees for a temporary period to take care of additional work load.
    c.Provision of Exchange Facility : The specified bank notes held by a person other than a banking company referred to in sub-paragraph (1) of paragraph 1 or Government Treasury may be exchanged at any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks for a period up to and including the 30th December, 2016, subject to the following conditions,
    namely:—
    (i) the specified bank notes of aggregate value of 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of
    identity; the limit of 4,000/- for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification and appropriate orders may be issued, where necessary;
    (ii i) there shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person, where the specified bank notes are tendered; however, where compliance with extantKnow Your Customer (KYC) norms is not complete in an account, the maximum value of specified bank notes as may be deposited shall be 50,000/-;
    (iv) The equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity;
    (v) the equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex-5;
    (vi) cash withdrawal from a bank account over the counter shall be restricted to 10,000/- per day subject to an overall limit of 20,000/- a week from the date of the notification until the end of business hours on 24th November, 2016, after which these limits shall be reviewed;
    (vii) there shall be no restriction on the use of any non-cash method of operating the account of a person including cheques, demand drafts, credit or debit cards, mobile wallets and electronic fund transfer mechanisms or the like;
    (viii) withdrawal from Automatic Teller Machines (hereinafter referred to asATMs) shall be restricted to 2,000 per day per card up to 18th November, 2016 and the limit shall be raised to 4,000 per day per card from 19th November, 2016;
    (ix) any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the 30th December, 2016, shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by it.
    (x) Business Correspondents (BCs) may also be allowed to exchange Specified Bank Notes upto 4000/- per person as in the case of bank branches, against valid identity proof and requisition slip. For this purpose banks may, at their discretion, enhance the cash holding limits of BCs at least till December 30, 2016.
    (xi) While crediting the value of Specified Bank Notes to Jan Dhan Yojna Accounts, the usual limits will apply mutatis mutandis.

    Source : rbi.gov.in
     
  7. Dec 11, 2016

    abhi

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    Demonetisation: Central panel to submit report soon
    Andhra Pradesh Chief Minister N. Chandrababu Naidu, who is the Convener of the Central government appointed Committee of Chief Ministers on implementation of digital economy, has held a video conference with several Chief Ministers, Chief Secretaries, and NITI Aayog members.

    During his two-day visit to the national capital, Mr. Naidu talked to hardware and software companies about the need to ensure implementation of digital economy.

    Mr. Naidu briefed Union Finance Minister Arun Jaitley the outcome of his meeting with the RBI Governor in Mumbai and the steps taken by a few States to mitigate the situation following demonetisation. Mr. Naidu also apprised him of connectivity and interoperability problems faced by people in several States, including Madhya Pradesh and Odisha.

    He underlined the need for uploading the required software in the Unified Payment Interface (UPI) system. Mr. Naidu further said the central committee was planning to submit its recommendations at the earliest. He said the committee was trying to take all measures to ensure security of digital transactions.

    Connectivity

    During his meeting with hardware manufacturers and telecom companies, Mr. Naidu said Internet connectivity was a must for ensuring successful digital transactions.

    On several concerns expressed by these companies on taxation issues, Mr. Naidu asked them to bring them to the knowledge of the Central government, and said the committee would do the needful.

    Mr. Naidu said the telecom companies had promised to cooperate with the committee in its efforts to encourage digital economy.

    The NITI Aayog is also making efforts to launch a nation-wide campaign to make the digital economy a success.

    It is also expected that shortage of cash in banks will come down as the Centre has decided to bring into circulation currency notes of Rs.500 denomination from December 15.

    The central committee will also recommend to the Centre not to levy transaction charges on people till December 30.

    http://www.thehindu.com/todays-pape...nel-to-submit-report-soon/article16792489.ece
     
  8. Dec 11, 2016

    abhi

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    Govt. to hold lucky draws to boost digital transactions

    niti aayog npci scheme.jpg

    Scheme follows discounts announced by Finance Ministry

    In a bid to promote cashless economy, the NITI Aayog on Saturday proposed organising weekly lucky draws for all consumers and merchants using digital modes of payments with a focus on “poor, lower middle class and small businesses”.

    The government has entrusted the National Payment Corporation of India (NPCI) to formulate the modalities of the new scheme, which follows the various discounts on digital transactions announced by the Finance Ministry on Thursday.

    “Weekly lucky draw of the transaction IDs generated in that week, the contours of which are being finalised. The Aayog has also proposed quarterly draw for grand prizes,” the NITI Aayog said. The budget for this scheme, according to official sources, is likely to be about Rs. 125 crore.


    The NITI Aayog assured that all those who have used digital payment systems after November 8 will be eligible to participate in the scheme.
    http://www.thehindu.com/todays-pape...oost-digital-transactions/article16791688.ece
     

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