Exchange of old notes ends, Rs.500 note still in use
The Dollar Business Bureau Over-the-counter exchange of old Rs.500 and Rs.1000 banknotes has been stopped from today. However, the use of Rs.500 note has been extended for some specific purposes till December 15. After reviewing the situation post-demonetisation, the government said on Thursday that over-the-counter exchange of old Rs.500 and Rs.1,000 banknotes have shown a decreasing trend. “It has further been felt that people may be encouraged and facilitated to deposit their old notes in their bank accounts. This will encourage people who are still unbanked to open bank accounts,” it said. Earlier, the government had allowed exemptions for certain transactions and activities, such as buying railway tickets and cooking gas cylinders, payments at petrol pumps, government hospitals, pharmacies, and toll plazas, where payment could be ...
RBI keeps the daily limit on cash withdrawal unchanged
The Dollar Business Bureau The Reserve Bank of India (RBI) stated on Sunday that till any further notification, the banks will have to continue with the withdrawal limits on automated teller machines (ATMs). According to the regulator, the step has been taken after taking the review of the way customers have been using to withdraw cash from their bank accounts. As per the ceiling imposed by RBI, customers who go to recalibrated ATMs for dispensing the new Rs.2,000 notes will have a limit of withdrawing up to 2,500 a day. The limit will continue to be Rs.2,000 a day on ATMs which are still to be recalibrated for dispensing the new currency notes of 500 and 2000, the central bank said in a notification ...
Not all bank accounts in India are active: World Bank
The Dollar Business Bureau India saw strong growth in Bank account ownership between 2011-14 from 35% to 53%, but there were many dormant ones too, said World Bank’s ‘The Global Findex Database 2014’ report which, is the index for Measuring Financial Inclusion around the World. The report added that, in August 2014, the Indian government launched the Pradhan Mantri Jan Dhan Yojana scheme for comprehensive financial inclusion with the goal of opening a bank account for every household. To encourage new accounts, the scheme offered attractive features such as zero balances, overdraft facilities, and free life insurance. By the end of January 2015, it had led to the opening of 125 million new bank accounts; as a point of comparison, ...
