Cash withdrawal limits imposed on certain bank accounts by RBI

Mumbai: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) on Thursday imposed certain restrictions on withdrawal if more than Rs2 lakh has been deposited after 9 November in an account which has a balance of over Rs5 lakh. As per the RBI notification, withdrawal [...]

By | December 20th, 2016|Revenue|Comments Off on Cash withdrawal limits imposed on certain bank accounts by RBI

Two defective versions of Rs 500 notes in circulation; RBI admits mistake

PM Narendra Modi banned the Rs 500 and Rs 1000 notes on November 8 and substituted them with a new Rs 500 and Rs 2000 note. However, it has been revealed that inadvertently, two different variants of the Rs 500 note have been printed and have actually found their way into circulation with the public. [...]

By | November 29th, 2016|Revenue|Comments Off on Two defective versions of Rs 500 notes in circulation; RBI admits mistake

Demonetisation: If govt gets Rs 6 lakh cr windfall, what will it do with the funds?

The markets are abuzz with rumours that the Reserve Bank of India might soon announce an interest rate cut on the one hand, and that tax rates too could be expected to fall. The first is a distinct possibility. This is because the banks are likely to be flush with deposits. They have already collected [...]

By | November 22nd, 2016|Revenue|Comments Off on Demonetisation: If govt gets Rs 6 lakh cr windfall, what will it do with the funds?

RBI had plans to issue Rs 5,000, Rs 10,000 notes: Finance Minister Arun Jaitley

The RBI's original proposal was to issue high-value new currency notes in the denominations of Rs 5,000 and Rs 10,000, but the Narendra Modi government finally decided to go in for Rs 2,000 denominations, Finance Minister Arun Jaitley said on Saturday. "RBI's original proposal was to issue Rs 5,000 and Rs 10,000 currency notes, one, [...]

By | November 13th, 2016|Revenue|Comments Off on RBI had plans to issue Rs 5,000, Rs 10,000 notes: Finance Minister Arun Jaitley