Friday, December 2, 2016
Withdrawal of Legal Tender from SBNs: RBI cautions against Information received on Unsecured/Unofficial Channels
In the wake of withdrawal of legal tender character from the Specified Bank Notes (SBNs), the Reserve Bank of India has, from time to time, been issuing instructions to the banks which are sent directly to banks through an official mail. These are also placed on the Reserve Bank’s official website (https://www.rbi.org.in).
It has been reported that certain guidelines/instructions purported to be issued by the Reserve Bank are being circulated in the social media by some unscrupulous elements creating confusion in the minds of the public/bank personnel.
HYDERABAD: Indian Postal Service (IPoS) officer K Sudheer Babu reportedly made fraudulent cash exchange transactions at different post offices in Greater Hyderabad, according to investigators, in fresh revelations following raids at post offices.
On interrogating Babu, the senior superintendent of post offices, Hyderabad, CBI sleuths found that in addition to exchanging 36 lakh demonetised currency in a fraudulent manner at Himayatnagar sub-post office, in cahoots with his office assistant G Ravi Teja and Himayatnagar sub-postmaster G Revathi, the IPoS officer had also exchanged lakhs of rupees of demonetised currency at other post offices in his jurisdiction.
Thursday, December 1, 2016
I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
Till the December 15, 2016, specified banknotes of only 500 denomination can be used as under:—
PM Grade Petitioners will do the needful to re-present the case again at Supreme court if not allowed them in the upcoming PSS Group B exams!!!
Because of the learned counsel's defects, supreme court case was dismissed against the plea of Postmaster Grade officials to allow them in PSS Group B exams.
How ever petitioners will represent the case again, with another counsel soon.
Hon'ble Madras CAT had given the verdicts favorable to the Postmaster Grade Officials to allow them to appear in PSS Group B during 2012
Hon'ble Madras High Court had given the verdicts favorable to the Department in the appeal suit during 2014.
The Case was again appealed to the Supreme court during the period of 2015, and that was not properly put forth to the supreme court by the learned counsel.
Supreme court order copy is furnished below:
Wednesday, November 30, 2016
Please find attached the RBI Notification regarding relaxation in the limit of withdrawal of cash from bank deposit accounts. The instructions of RBI stipulates that withdrawals may be allowed for deposits made in current legal tender notes on or after 29.11.2016 beyond the current limits preferably, available higher denomination bank notes of Rs. 2000/- and 500/- are to be issued for such withdrawals.
This instructions of RBI is applicable only for those depositors who deposits valid legal tender notes and seeking withdrawal, for whom the current limit of (Rs. 24000/-) is relaxed.
The following are the procedure to be followed:-
1.The withdrawal exceeding the current limits may be allowed only in the home SOL of the account holder.
2.The Finacle application should validate the withdrawals exceeding the limit for those depositors who deposit the current legal tender notes on or after 29.11.2016. For this purpose a Patch needs to be deployed.
3.The counter PA should maintain a separate register for entering details of such deposit transactions.
The proforma of the register is as follows:-
Name of the Account Holder
SB Account Number
Amount Deposited through current legal tender notes
Deno. of legal tender notes
Counter PA Sign.
PM/SPM/ Counter Supervisor Signature, Date and amount of withdrawal, if any
4. The depositors who are depositing current legal tender notes on or after 29.11.2016 should write the denomination of currency notes on the pay in slip.
5. After acceptance of deposit by post office, the concerned PA should acknowledge the tendering of currency notes on the back side of the counterfoil of the pay in slip and write the Sl. No. of the entry in above mentioned register.
6. While allowing withdrawal the Counter PA should consult the prescribed Register and make necessary entries for the cash withdrawal from the respective account.
7. Counter PA should maintain the details of cash received and remitted to Treasurer separately for WOS Notes and Current Legal Notes.
CEPT team/FSI vendor is requested to put in place necessary validation by deploying a Patch in Finacle application. Further detail will be intimated in due course.
In the meanwhile, necessary instructions may be issued to all concerned.