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Posted Date : 21-Dec-2016 , 08:48:10 pm | Posted By CASANSAAR
The Reserve Bank today said banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old high value notes last month. The central bank also said that it has issued 2.2 billion (220 crore) pieces of notes of new Rs 500 and Rs 2,000 during the period -- Nov...
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Posted Date : 21-Dec-2016 , 08:12:57 am | Posted By CASANSAAR
The Reserve Bank of India, RBI will shortly issue 500 rupee banknotes in Mahatma Gandhi New series with the inset letter E having star mark in the number panel. The banknote will bear the signature of RBI Governor Dr Urjit R. Patel, year of printing 2016 and Swachh Bahrat Logo. In a stat...
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Posted Date : 19-Dec-2016 , 10:00:30 pm | Posted By CASANSAAR
The Reserve Bank today imposed stiff restrictions on depositing more than 5,000 rupees in the scrapped 500 and 1,000 rupees notes. The bank said, it can be deposited only once per account till December 30th, that too after explaining to bank officials the reasons for not having done that so far. ...
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Posted Date : 19-Dec-2016 , 08:59:33 am | Posted By CASANSAAR
UNDER PRESSURE from the RBI and the Finance Ministry’s Department of Financial Services (DFS), following multiple seizures of high-value notes and arrests of employees, several banks have asked hundreds of chartered accountants engaged in the concurrent audit of their branches to carry out add...
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Posted Date : 17-Dec-2016 , 12:05:11 pm | Posted By CASANSAAR
Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments. "We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore...
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Posted Date : 12-Dec-2016 , 05:24:06 pm | Posted By CASANSAAR
Delhi police have seized nearly Rs 13.56 crore in a raid at a law firm in southeast Delhi's GK-I area, of which Rs 2.6 crore is in new currency released after demonetisation, a senior police official said on Sunday. The raid was carried out by Crime Branch at the office of T&T law firm la...
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Posted Date : 09-Dec-2016 , 07:56:15 am | Posted By CASANSAAR
Government announced several incentives on payments made through digital modes. Addressing media in New Delhi, Union Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75 percent on diesel and petrol to consumers who pay through digital means. Mr Jaitley also said,...
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Posted Date : 08-Dec-2016 , 08:53:14 am | Posted By CASANSAAR
On the heels of allegations of bank officials being involved in largescale money laundering across the country, the Enforcement Directorate is examining the documents of at least 50 bank Branches to determine if there is any truth in the charges. Sources said the banks on the list have seen the l...
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Posted Date : 07-Dec-2016 , 10:05:34 pm | Posted By CASANSAAR
The Bombay High Court has asked the Reserve Bank of India (RBI) to file within six weeks its response to a PIL highlighting difficulty faced by blind persons in identifying currency notes and coins in recent years. A division bench headed by Chief Justice Manjula Chellur, hearing a petition filed by...
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Posted Date : 06-Dec-2016 , 09:58:01 pm | Posted By CASANSAAR
Axis Bank on Tuesday said it has suspended its 19 officials allegedly involved in illegal activity post demonetisation. Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strength...
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Posted Date : 06-Dec-2016 , 08:59:35 am | Posted By CASANSAAR
The Finance Ministry on Monday said any payment by government departments or ministries above Rs 5,000 should be made electronically, lowering the threshold limit from Rs 10,000. This move is intended to bring about a complete digitisation of payments, the ministry said in a statement. All the...
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Posted Date : 06-Dec-2016 , 08:17:05 am | Posted By CASANSAAR
The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said. “Banks have been advised to stop activity in eleven accounts,” the ED add...
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Posted Date : 05-Dec-2016 , 09:37:26 pm | Posted By CASANSAAR
As part of its efforts to promote digital payments after demonetising old high value notes, the government today nudged shop owners to use debit cards, saying it will reduce cash handling costs while digital transaction records will help them seek more funds from banks. Merchants will benefit by ...
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Posted Date : 03-Dec-2016 , 08:49:23 pm | Posted By CASANSAAR
What can be termed as veiled warning to the black money hoarders, Finance Minister Arun Jaitley said that just merely by depositing black money in the bank accounts, one must not think that it has been converted to white as taxes are still to be paid on the unaccounted cash. Jaitley said, “...
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Posted Date : 02-Dec-2016 , 09:59:29 pm | Posted By CASANSAAR
The union Ministry of Finance has suspended 27 officials of public sector banks and transferred six to non-sensitive positions over allegations of illegal transactions as the central government continues to plug holes after its announcement to invalidate old high-value banknotes of Rs 500 and Rs 100...
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Posted Date : 01-Dec-2016 , 04:16:30 pm | Posted By CASANSAAR
The deadline for using old 500 rupee notes at petrol pumps and buying airline tickets at airports has been cut short to tomorrow from the 15th of this month announced earlier. A government notification said, old notes will continue to be accepted for the other utility bill payments as well as at rai...
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Posted Date : 30-Nov-2016 , 04:59:46 pm | Posted By CASANSAAR
The Reserve Bank has placed a limit of 10,000 rupees on monthly withdrawals from Pradhan Mantri Jan Dhan bank accounts and who want to withdraw more than 10,000 a month, will have to furnish appropriate documents to prove why they need the money. RBI, in a notification, said the move is with the ...
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Posted Date : 30-Nov-2016 , 04:58:52 pm | Posted By CASANSAAR
Delhi High Court today dismissed petition seeking relaxation in withdrawal limit of Rs 2 lakh 50 thousand for marriages and reserved its verdict on the plea saying that government has provided relaxation wherever necessary on demonetisation issue. The plea had said, the cap of 2.5 lakh rupe...
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Posted Date : 30-Nov-2016 , 08:47:00 am | Posted By CASANSAAR
Prime Minister Narendra Modi has asked BJP MPs and MLAs to submit details of their bank account transactions between 8th November and 31st December to party President Amit Shah. Addressing BJP Parliamentary Party meeting in New Delhi today, Mr. Modi rejected the allegation that the Income-Tax Amendm...
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Posted Date : 29-Nov-2016 , 08:14:28 pm | Posted By CASANSAAR
Government on Tuesday said sufficient cash is available with RBI and banks, and it is not considering extending the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes. The statement was made in the Rajya Sabha even as people queued up at banks to deposit old high value notes...
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Posted Date : 25-Nov-2016 , 05:16:51 pm | Posted By CASANSAAR
The Supreme Court today fixed on December 2 the hearing on a batch of petitions challenging the constitutional validity of the decision to demonetise currency notes of Rs 1,000 and Rs 500 and the inconvenience faced by the common man due to it. A bench comprising Chief Justice T S Thakur and Just...
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Posted Date : 25-Nov-2016 , 05:15:52 pm | Posted By CASANSAAR
Banned 500 and 1,000 rupee notes will continue to be exchanged for new currency at RBI counters even after the facility was withdrawn from all banks. The government had yesterday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings ...
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Posted Date : 25-Nov-2016 , 01:22:15 pm | Posted By CASANSAAR
The Madras High Court posted a PIL, seeking a direction to the Union Government to declare as illegal the notification issued on demonetisation, for further hearing to December 15. When the PIL filed by Suchitra Vijayan, a Barrister-at-Law, came up, the first bench, comprising Chief Justice Sanja...
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Posted Date : 24-Nov-2016 , 08:19:06 pm | Posted By CASANSAAR
The Centre on Thursday extended the usage of old notes for payment of public utilites bill till December 15, but ended the deadline for over the counter exchange of the banned Rs 500 and Rs 1000 notes. Government also extended the suspension of toll collection on all national highways till Decemb...
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Posted Date : 24-Nov-2016 , 08:14:40 am | Posted By CASANSAAR
Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month. Post demonetisation, the total balance on Jan Dhan accounts stood at Rs 66,636 crore. As of November 9 — the day from which higher ...
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Posted Date : 23-Nov-2016 , 10:35:12 pm | Posted By CASANSAAR
People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said on Wednesday. The ministry had on Tuesday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes. &quo...
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Posted Date : 22-Nov-2016 , 08:31:27 am | Posted By CASANSAAR
The Bombay high court on Monday asked the Ministry of Finance to clarify the reason behind the conflict between the demonetisation notification issued by the ministry and the RBI circular of November 14, which keeps district central cooperative (DCC) banks out of the demonetisation policy. &ldquo...
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Posted Date : 22-Nov-2016 , 08:14:56 am | Posted By CASANSAAR
People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency. The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and Novem...
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Posted Date : 18-Nov-2016 , 10:28:26 pm | Posted By CASANSAAR
Banks tomorrow will not exchange the old 500 or 1,000 rupee notes for new bills, allowing only senior citizens to make the one-time swap for upto Rs. 2,000. On Sunday, banks will remain shut. "After this inking and all, we have seen for the last two days now, there is a visibly less rush in ...
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Posted Date : 18-Nov-2016 , 10:07:44 pm | Posted By CASANSAAR
Several banks have slashed their Fixed Deposit rates by up to 1 per cent after the surge in deposits following demonetisation. Canara Bank announced lowering its deposit rates in the range of 0.05 to 0.25 per cent while United Bank of India slashed rates of short-term deposits by 1 per cent. ...
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