BANKING & FINANCE News 2nd JAN, 2017

By: D.K Choudhary

RBI Extends the Demonetized Currency Exchange Date for NRIs to June 30
i. The Reserve Bank of India (RBI) has taken a relief providing decision for the Non-Resident Indian and Indian Citizens who were staying abroad since November 9 to December 31post demonetization decision.
ii. As per the decision, the Indian Citizens can exchange their demonetized notes up to RBIMarch 31, 2017 while the Non Resident Indian (NRIs) citizens can avail this facility up to June 30, 2017.
iii. The bank informed that there would not be any limit for Indian residents while for the NRIs the maximum limit would be Rs 25,000 as per the FEMA regulations 2015.
iv. They can avail this facility only once during the period on submission of valid ID documents and evidence proof of being abroad. The decision also states that third party tender will not be accepted.
v. The facilities will be made available for citizens at Reserve Bank offices at Mumbai, Chennai, Kolkata, Nagpur and Delhi. However, any Indian citizens residing in Bhutan, Nepal, Pakistan and Bangladesh are not entitled to avail this facility.
vi. Any possession of such notes after this period would be subjected to a fine of Rs. 10000 or five times the cash held, whichever is higher.

Govt permits 12 PSU banks to raise Rs 3,000 cr from market
i. The Central government had infused a sum of Rs 25,000 crore in 19 PSBs during FY 2015-16.In this Rs. 22,915 crore was allocated to 13 PSBs on July 19, 2016.
ii. The remaining amount Rs 2,914.038 crore will be released on assessment of performance of 12 PSBs, the Department of Finance in its year-end review for 2016
iii. The Finance Minister Arun Jaitleyhas granted its approval to 12 proposals of PSBs to raise a sum of Rs 2,914.038 crore through preferential allotment and permission given to raise Rs 200 crore by United Bank of India through QIP mode.

About D.K Chaudhary

Polityadda the Vision does not only “train” candidates for the Civil Services, it makes them effective members of a Knowledge Community. Polityadda the Vision enrolls candidates possessing the necessary potential to compete at the Civil Services Examination. It organizes them in the form of a fraternity striving to achieve success in the Civil Services Exam. Content Publish By D.K. Chaudhary

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