All banks will have to report to I-T dept on deposits above Rs 2.5 lakh in savings accounts
Source: No escaping taxmen: PAN must, I-T notices on dubious deposits, property buys
Month: November 2016
Govt limits cash deposits in Jan Dhan accounts to Rs 50,000
Bank counters will now use indelible ink in major cities to keep cash withdrawals within permissible limits
Source: Govt limits cash deposits in Jan Dhan accounts to Rs 50,000
Banks to mark customers with indelible ink to ensure cash is changed only once a day
Economic Affairs Secretary Shaktikanta Das blamed the long queues on the same people lining up again and again
Source: Banks to mark customers with indelible ink to ensure cash is changed only once a day
Banks to waive charges imposed on e-transactions….see below link for the highlights of what Shaktikanta Das, Dept. of Economic Affairs said today
Banking correspondents will be now allowed to withdraw cash multiple times and can now hold up to Rs 50,000 cash
Source: Money rush: ATMs will start dispersing Rs 2000 notes from today
Air/Train Tickets bought using Rs.500 & Rs.1000 notes – Refund will not be paid by cash
Refund will not be issued for Air Tickets bough using old Rs.500 & Rs.1000 notes. Railway had decided not to give new notes for tickets purchased in last 48 hours. The refunds above Rs.10,000/- for railway ticket cancellation will be credited directly to the bank account.
Director General of Aviation had given instruction to Airline Companies not to cancel booked tickets in last 48 hours and not to issue refunds against the ticket.
The decision came on the reports that the people are using the cancellation facility to make good their undisclosed income.
Deposit money in bank only if you can account for it: Tax experts
Penalty for unaccounted income could range from 50% to 200% of evaded tax
Source: Deposit money in bank only if you can account for it: Tax experts
All banks will work on Staurday and Sunday
RBI instructed all banks to work normally the coming Saturday and Sunday i.e., 12th November and 13th November, 2016.
The new Currency notes of denomination Rs.500 & Rs.2000 will be available on ATM’s from Friday. i.e, 11th November, 2016. ATM’s will partially start functioning from tomorrow.
I-T Dept to keep record of deposits over Rs 2 lakh
Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent
RBI Circular for Banks, FAQ and Request for exchange
Please see the link below for the Circular from RBI relating to withdrawal of Rs.500 & Rs.1000 denomination notes, Action to be taken by banks,Provision for Exchange Facility, FAQ,Salient Features of the Scheme,etc.
https://drive.google.com/open?id=0BwfaVqFwg9yDalVMX20yckhzbEU
Request Slip for Exchage of Rs.500 & Rs.1000 denomination notes
Please click the link below for the request slip for exchange of Rs.500 & Rs.1000 denomination notes
https://drive.google.com/open?id=0BwfaVqFwg9yDX0lMNWM1emZTbkE
Karthik & Sunil 