Daily Archives: November 11, 2016

ID proof of customers required for payments in consumer cooperative stores with old bank notes

By | November 11, 2016

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifications / additions to the existing exemptions; Governments reassures that there is enough cash with RBI and Supply of… Read More »

No advance payments of utility/ electricity bill allowed with Old Bank Notes Rs 500 – 1000

By | November 11, 2016

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifications / additions to the existing exemptions; Governments reassures that there is enough cash with RBI and Supply of… Read More »

Govt Extended Exemptions for Payments with old notes till 14.11.2016 with modifications

By | November 11, 2016

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifications / additions to the existing exemptions; Governments reassures that there is enough cash with RBI and Supply of… Read More »

Sugggestions to FM by judges to stop Converting black money into White

By | November 11, 2016

The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of India, Justice MB Shah and Justice Arijit Pasayat in a jointly written letter to the Union Finance Minister, Shri Arun Jaitley: The Government has taken a bold step to demonetize Rs. 500 and Rs.1,000 notes.  The Chairman, SIT on… Read More »

Service Tax exemption withdrawn for online information and database access or retrieval [OIDAR] service w.e.f 01.12.2016

By | November 11, 2016

To provide a level playing field to Indian service providers, the exemption given to service providers located in foreign territory but providing taxable online information and database access or retrieval [OIDAR] services including electronic services in India, is being withdrawn with effect from 1st December, 2016 With a view to provide a level playing field… Read More »

Banks to report exchange of Notes in cash as well as on credit to account :RBI

By | November 11, 2016

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Reporting and Monitoring RBI/2016-17/125 DCM (Plg) No.1264/10.27.00/2016-17 November 11, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ Cooperative Banks Dear Sir, Withdrawal of… Read More »

How much Taxes to be Paid if you Deposit Undisclosed Income in Bank Account

By | November 11, 2016

How much Taxes to be Paid if you Deposit Undisclosed Income in Bank Account When any person deposit cash into bank account from undisclosed Income then Entire amount deposited is chargeable to Income Tax at maximum rate without the benefits of Income Tax Slab Rates. This undisclosed income will be treated as under reported income.… Read More »

Request slip for exchange of old high denomination BankNotes -500 -1000

By | November 11, 2016

 Requisition Slip / Request Slip for exchange of Old High Denomination Bank Notes in denominations of Rs 500/- and Rs 1000/- Rs 500 and Rs 1000 Bank Notes of aggregate value upto Rs. 4000 only held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of… Read More »

Ways to Convert Black money into white used by Indians

By | November 11, 2016

Ways to Convert Black money into white used by Indians as per Indian Govt White Paper on Black Money 1 Manipulations of Accounts for Tax Evasion Any transaction entered into by the taxpayer must be reported in books of account which are summarised at the end of the year in the form of financial statements. The… Read More »

Indian Govt White Paper on Black Money

By | November 11, 2016

GOVERNMENT’S WHITE PAPER ON BLACK MONEY PRESS RELEASE, DATED 16-5-2012 Foreword In the past year the public discourse on the issue of corruption and black money has come in the forefront with the active participation of the civil society and our Parliamentary institutions. Two issues have been highlighted in this debate. First, several estimates have… Read More »

Govt Deptt can withdraw cash beyond Rs 10000 in exceptional cases : RBI

By | November 11, 2016

Governments Departments can withdraw cash beyond Rs 10000 in exceptional cases RBI/2016-17/124 DCM (Plg) No.1256/10.27.00/2016-17 November 11, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir Withdrawal of Legal Tender Character of existing ₹ 500/-… Read More »

Govt simplifies Annual Renewal process for existing TV channels

By | November 11, 2016

Source: Press Release by Govt of India ,Ministry of Information & Broadcasting , 11-November, 2016 I&B Ministry simplifies Annual Renewal process for existing TV channels as part of “Ease of Doing Business” 28th SIMCON to be held on Dec 9th and 10th – M Venkaiah Naidu I&B Minister addresses Economic Editors Conference   Shri M… Read More »

Annex-5 in Hindi -बैंक नोटों के अदला बदली के लिए अनुरोध पर्ची

By | November 11, 2016

Annex-5 / जुड़ा-5 पुरातन उच्च मूल्यवर्ग बैंक नोटों (रुपये 500 / – और रुपये 1000 / -) के अदला बदली के लिए अनुरोध पर्ची/ Request Slip in Hindi English Requisition Slip / Request Slip/ Annex 5  for exchange of Old High Denomination Bank Notes in denominations of Rs 500/- and Rs 1000/- Rs 500 and… Read More »

Rs 500 and 1000 exchange rules, Withdrawal & Payment limits summary

By | November 11, 2016

Rs 500 and 1000 exchange rules The Government of India has declared that currency notes of Rs. 500 and Rs. 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any branch of a bank or post office to get the new notes. Brief… Read More »

Old Rs 500/1000- Today is Last Day to make payments -Here is list

By | November 11, 2016

List of payments allowed with Rs 500/ 1000 Notes As the Government of India has declared that currency notes of Rs. 500 and Rs. 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any branch of a bank or post office to get… Read More »

Taxes/ Electricity bill etc payment with Rs 500/1000 Notes – Notification by Govt

By | November 11, 2016

As the Government of India has declared that currency notes of Rs. 500 and Rs. 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any branch of a bank or post office to get the new notes. However govt notified two more items… Read More »

Mortgage Guarantee Companies (Reserve Bank) Directions 2016

By | November 11, 2016

Master Directions – Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 RBI/DNBR/2016-17/50 Master Direction DNBR.(PD-MGC) No. 01/23.11.001/2016-17 November 10, 2016 Master Directions – Mortgage Guarantee Companies (Reserve Bank) Directions, 2016 The Reserve Bank of India (the Bank) having considered it necessary in the public interest and being satisfied that, for the purpose of enabling the Bank… Read More »

Withdrawal of Rs 500 / 1000 Notes : RBI Notifications, Press Release & FAQ’s

By | November 11, 2016

Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes – Related Links Reserve bank of India of Notifications, Press Release FAQ Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes  and Security Features of New Notes (RS 500 and Rs 2000) Notifications Payment Systems to remain open on Saturday, November 12… Read More »

Repo / Reverse Repo -RBI reckoning market value of collateral securities

By | November 11, 2016

Repo / Reverse Repo Transactions with RBI RBI/2016-17/117 FMOD.MAOG.No.116/01.01.001/2016-17 November 10, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks), Scheduled Urban Co-operative Banks and Standalone Primary Dealers Dear Sir/Madam, Repo / Reverse Repo Transactions with RBI Please refer to circular No. FMRD.DIRD.10/14.03.002/2015-16 dated May 19, 2016, on the captioned subject. 2. In this connection,… Read More »

IFSC Banking Units- RBI Revised Permissible activities

By | November 11, 2016

Setting up of IFSC Banking Units (IBUs) – Permissible activities RBI/2016-17/118 DBR.IBD.BC.32/23.13.004/2016-17 November 10, 2016 Chairman/Managing Director and CEOs All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam, Setting up of IFSC Banking Units (IBUs) – Permissible activities Please refer to our circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015 setting out RBI directions relating to… Read More »

RBI Guidelines for computing exposure for counterparty credit risk arising from derivative transactions w.e.f 01.4.2018

By | November 11, 2016

RBI/2016-17/119 DBR.No.BP.BC.29/21.06.201/2016-17 November 10, 2016 The Managing Director/ Chief Executive Officer of All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam / Dear Sir, Guidelines for computing exposure for counterparty credit risk arising from derivative transactions Please refer to the paragraph 4 of the Statement on Developmental and Regulatory Policies issued by RBI on October… Read More »

Capital requirements for bank exposures to central counterparties w.e.f 01.4.2018

By | November 11, 2016

Guidelines on capital requirements for bank exposures to central counterparties RBI/2016-17/120 DBR.No.BP.BC.30/21.06.201/2016-17 November 10, 2016 The Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam / Dear Sir, Guidelines on capital requirements for bank exposures to central counterparties Please refer to the paragraph 4 of Statement on Developmental and Regulatory… Read More »

Sustainable Structuring of Stressed Assets Scheme Revised by RBI

By | November 11, 2016

Scheme for Sustainable Structuring of Stressed Assets – Revisions RBI/2016-17/121 DBR.No.BP.BC.33/21.04.132/2016-17 November 10, 2016 All Scheduled Commercial Banks (Excluding RRBs), All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Non-Banking Financial Companies, including Securitisation Companies/ Reconstruction Companies Madam / Dear Sir, Scheme for Sustainable Structuring of Stressed Assets – Revisions We invite a… Read More »

RBI Revised Schemes for Stressed Assets

By | November 11, 2016

RBI/2016-17/122 DBR.No.BP.BC.34/21.04.132/2016-17 November 10, 2016 All Scheduled Commercial Banks (Excluding RRBs), All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Non-Banking Financial Companies, including Securitisation Companies/ Reconstruction Companies Madam / Dear Sir, Schemes for Stressed Assets – Revisions In the recent past, the Reserve Bank of India has taken various regulatory measures to… Read More »

No refund of Rail fare of Rs. 10,000/- and above on cancellation of Tickets

By | November 11, 2016

COMMERCIAL CIRCULAR No. 59 of 2016 GOVERNMENT OF INDIA MINISTRY OF RAILWAYS RAILWAY BOARD No. TC-II/2003/2016/refund   New Delhi, 10/11/2016 To Chief Commercial Managers All zonal Railways Managing Director/CRIS/Chankyapuri/New  Delhi Managing/Director/IRCTC/New Delhi Sub: Revision in the procedure of cancellation and refund of value of Rs. 10,000/­ and above for the PRS counter tickets booked from… Read More »

List of payments allowed with Rs 500/ 1000 Notes

By | November 11, 2016

List of payments allowed with Rs 500/ 1000 Notes As the Government of India has declared that currency notes of Rs. 500 and Rs. 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any branch of a bank or post office to get… Read More »

Another List of Payments Allowed with Rs 500 / 1000 Notified by Govt dtd 09.11.2016

By | November 11, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 9th November, 2016 S.O. 3416(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby amends the notification of… Read More »

RTGS, NEFT, Cheque Clearing open on Saturday, November 12 & Sunday, November 13, 2016

By | November 11, 2016

Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) to remain open on Saturday, November 12 and Sunday, November 13, 2016 RBI/2016-17/116 DPSS (CO) RTGS No.1212/04.04.002/2016-17 November 10, 2016 The Chairman / Managing Director and Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Small Finance Banks / Regional Rural… Read More »

Limit for Withdrawal of Cash – RBI Clarify

By | November 11, 2016

Limit for Withdrawal of Cash RBI/2016-17/123 DCM (Plg) No.1251/10.27.00/2016-17 November 10, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes… Read More »

Process of Tax Reforms will continue : Finance Minister of India

By | November 11, 2016

FM: Process of Tax Reforms will continue and pending GST issues will be resolved soon. FM: No Harassment of Small Depositors of Demonetised High Value Notes; Finance Minister Shri Arun Jaitley inaugurates the Two Day Economic Editors Conference in New Delhi The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley said that the… Read More »

Banning of Bank Notes -Watch Media Briefing by Arun Jaitley on 09.11.2016

By | November 11, 2016

Watch Media Briefing by Union Finance Minister Shri Arun Jaitley after Banning of Bank Notes of Rs 500/ Rs 1000 in India  (Streamed live on Nov 9, 2016 ) Press Release by Govt of India , Ministry of Finance,10-November, 2016 Replies given by Revenue Secretary Dr. Hasmukh Adhia on the questions relating to action by Income… Read More »

Action by Income Tax Department for currency deposited in banks

By | November 11, 2016

Press Release by Govt of India , Ministry of Finance,10-November, 2016 Replies given by Revenue Secretary Dr. Hasmukh Adhia on the questions relating to action by Income Tax Department in respect of old currency deposited in banks . Q.1  A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings… Read More »

Rs 500 /1000 Notes accepted for fees,taxes & penalties payable to Central & State Governments

By | November 11, 2016

As per Press release by Ministry of Finance, Govt of India ,10-November, 2016 Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;This facility available only till midnight of 11th November,2016. The Central Government has… Read More »

Exchange of notes by Indians – Prime Minister of India expresses happiness

By | November 11, 2016

PM expresses happiness as citizens exchange notes in a patient and orderly manner; Assures that the Government is unwavering in its effort to create a corruption free India Prime Minister Shri Narendra Modi has expressed happiness at the patient and orderly manner in which the citizens are getting the notes exchanged in banks following the… Read More »

Fake Notes Detection by Banks -Reporting to Police and other bodies

By | November 11, 2016

Fake Notes Detection by Banks As per RBI Circular No RBI/2016-17/22 DCM (FNVD) G–6/16.01.05/2016-17 Dated 20.07.2016  Detection of Counterfeit Notes /Fake Notes – Reporting to Police and other bodies by Banks The following is the  procedure that has be followed by banks while reporting incidence of detection of counterfeit note to the Police: For cases of… Read More »

Note counting machine with Fake Detection -Indian Rupees

By | November 11, 2016

Note counting machine with Fake Detection of Indian Rupees BME Smart 2000 Note counting machine with Fake Detection. 1 Year warranty(Compatible with new INR notes) Price RS 6399 Click to Buy  Best Features of this Note counting machine with Fake Detection of Indian Rupees Latest range model with Fully Automatic FAKE DETECTION and Pre 2005 note detection.… Read More »

Fake Note Detection Machine of Indian Rupees

By | November 11, 2016

Fake Note Detection Machine BME Elite Note Counting Machine with Fake Detection. 1 Year Warranty(Compatible with new INR notes) Features of Fake Note Detection Machine of Indian Notes Latest range model with Fully Automatic FAKE DETECTION and Pre 2005 note detection. Can also detect chained and half notes. . Fast and Accurate counting with Add and… Read More »