RBI Updates

  • The Reserve Bank of India has announced that the cash withdrawal limit on saving account will be removed from 13th March, 2017. Further, the limits on cash withdrawals from the Savings Bank Accounts will be enhanced to Rupees 50,000 per week from the current limit of Rupees 24,000 per week w.e.f. 20th February 2017.Image result for RBI
  • The Government of India had notified Pradhan Mantri Garib Kalyan Deposit Scheme 2016 (PMGKDS) vide Notification No. S.O. 4061 (E) dated 16 December, 2016. The Deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from 17th December, 2016 to 31st March, 2017. In this connection, Government of India has decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016. Accordingly, norms of Para 4(4) of the said notification have been amended as under:

    “4. Subscription and Mode of investment in the Bonds Ledger Account — (4) The deposit to be made under sub-section (1) of section 199F under this Scheme shall be made, on one or more occasions. The deposits shall be made before filing declaration under sub-section (1) of section 199C.”

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