Configuration of Cash Withdrawal week from 02.12.2016 to 08.12.2016 in DOP Finacle



New week for Cash Withdrawal limit starts from 02.12.2016 to 08.12.2016 and it is configured in the Finacle.

This is for favour of information

Thanks & regards,
CEPT - FSI Team

India Post Payments Bank Scale II, Scale III & Scale V Online Exam Call Letters out





India Post Payments Bank Ltd (IPPB) has released the Call Letters for IPPB Scale II, III and V Recruitment Online Exam 2016. The online examination for the above mentioned posts is scheduled to be held on 17th December 2016. Check below for more details.


Call Letters : Click Here

Information Handbook : Click Here



Important Dates
Commencement of Call letter Download : 01-12-2016

Closure of Call letter Download : 17-12-2016

7th Pay Commission: Salary hike to Central government employees not reflecting in GDP data



The quarterly gross value added (GVA) at basic price at constant (2011-12) prices for Q2 of 2016-17 was estimated at Rs 27.33 lakh crore, as against Rs 25.52 lakh crore in Q2 of 2015-16, translating into a growth rate of 7.1 percent over the corresponding quarter of previous year, according to statistics released by the Central government on Wednesday at around 5.30 pm.

It's a tad unbelievable that an outgo of about Rs 34,600 crore during the July-September quarter (Q2) on account of salary arrears and enhanced pay to Central government employees did not boost the Indian economy in terms of higher consumption.


On Monday (November 28), the Modi government said the GDP growth rate for the April-September 2016 was 7.1 percent; when seen in the context of 7.1 percent expansion in Q1, it seems things more or less remained unchanged.

"Despite subdued growth in the world economy, India has maintained a GDP growth rate of 7.2 per cent in 2014-15, 7.6 per cent in 2015-16, and 7.1 per cent during April to September of 2016-17," Nirmala Sitharaman, commerce and industry minister told the Lok Sabha in a written reply on Monday, reported IANS.

In other words, the much-flaunted boost to the economy did not happen, despite the salary hike and arrears, in addition to a normal monsoon that was supposed to have lifted rural demand.

"The combined outgo for the Centre on account of arrears for January to July and payments for August will total Rs 34,600 crore," ratings agency India Ratings (Ind-Ra) had said in August.

The recommendations of the 7th CPC cover 47 lakh Central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces.

Is there something amiss?

The question gains credence when seen with the growth in the volume sales for automobile companies, of 13.22 percent in July, 23.72 percent in August and 20.16 percent in September. If the increase in volume sales can't be attributed to pay hike, then it raises another question: did employees simply invest most of the money with banks and in other instruments, reflecting in a spike in bank deposits in September?

Source : http://www.ibtimes.co.in

January Salary Of Central Employees To Follow Higher Allowances: Finance Ministry

January Salary Of Central Employees To Follow Higher Allowances: Finance Ministry

Report says that a top official of the finance ministry today told on condition of anonymity that Central government employees salaries for January will be in line with the higher allowances.



When asked whether the arrears would be paid too, he said, "This depends on the cabinet. If the cabinet gives the nod higher allowances with retrospective effect from August 2016, the arrears will be paid."

"The government faces severe attack for cash crunch because of demonetisation. But the situation will return to normalcy after the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes."

He added, "It's better if delayed till sufficient cash is available with the banks."

The government in June approved the 7th Pay Commission recommendations for its employees with higher basic pay, which has been paid with arrears, effective from January 1, 2016 but the hike in allowances other than dearness allowance referred to the ‘Committee on Allowances’ headed by the Finance Secretary Ashok Lavasa for examination as as the pay commission had recommended of abolishing 51 allowances and subsuming 37 others out of 196 allowances.

Until acceptance of higher allowances, existing allowances are to be paid according to the 6th Pay Commission recommendations, says an earlier official statement issued by the finance ministry.

However, the committee on allowances head Finance Secretary Ashok Lavasa said recently, "We are ready to submit our report, when the Finance Minister Arun Jaitley calls up."

Source: tkbsen.in

Solution for the scheme change error - "Unprocessed records in outward clearing for this account" in DOP Finacle


  • Generally in DOP we can change the scheme of a SB account by using the menu HACXFRSC.
  • HACXFRSC stands for Transfer A/cs between Schemes.
  • For detailed step by step procedure to use the menu HACXFRSC users can CLICK HERE.
  • But sometimes when we are trying to change the scheme code for a SB account we will get the error-"Unprocessed records in outward clearing for this account" in DOP Finacle.
  • The error screen shot will be as shown in the below figure


  • From the above screen shot it is clear that the system is showing the above error as mentioned.

Root cause of the above problem :- 

  • The above mentioned error will occur mainly due to the unprocessed cheque which is entered in the outward zone which is not yet realized for that specified SB account.
  • This can be inquired using the menu HOIQ. This menu is used to inquire the status of the instrument which is entered in the outward zone
  • Invoke the menu HOIQ and then the system will show the below screen shot as shown


  • Then in the next step enter the from account field and to a/c id as the SB account number as mentioned in the below screen shot


  • Then click on Go then the system will show the details of the instruments lodged in the outward zone as shown in the below screen shot


  • From the above screen shot it is clear that an instrument 751445 is pending in the outward zone for Rs 30000/- as shown in the above figure.

Solution for the above Problem :- 

  • In order to solve the above problem only solution available the pending cheque in the outward clearing should be realized until that time we have to wait for the scheme transfer for that SB account.
  • Always check in HOIQ before proceeding for scheme transfer for any SB account. If there are any pending instruments to be cleared then wait for the outward realization and then proceed for scheme transfer for the SB account.

6th Meeting of committee on Allowances constituted to examine the recommendations of 7th CPC regarding Allowances - NFIR




NFIR
National Federation of Indian Railwaymen
3, Chelmsford Road, New Delhi – 110 055

No.IV/NIrIll/7 CPC (IMPl)/Allowances/2016
Dated: 29/11/2016
The General Secretaries of
Affiliated Unions of NFIR

Brother,

Sub: 6th Meeting of committee on Allowances constituted to examine the recommendations of 7th CPC regarding Allowances-reg.

Ref:RailwayBoard’sletter No.PC-VII/2016/CDS/3 dated 28/ll/12016

General Secretary, NFIR has participated in the 6th Meeting of the Committee on Allowances constituted to examine the recommendations of 7th CPC regarding Allowance at 17:30 Hrs on 28/11/2016 at Room No.169-D(Fresco), 1st Floor, North Block, New Delhi chaired by Finance Secretary, Government of India, participated by Member Staff/Railway Board, Secretary/Ministry of Defence, Secretary Postal, Additional Secretary (Expenditure), Joint Secretaries etc.

The points raised by the General Secrelary, NFIR in the meeting and sent to the Joint Secretary (implementation Cell, 7th CPC) though a communication vide dated 29th November, 2016 (as confirmation of points) may be perused in the enclosure to this letter for conveving the contents to the staff down the line.

Yours fraternally,
sd/-
(Dr.M.Raghavaiah)
General Secretary

Source: NFIR

Brief of the meeting held on 28.11.2016 with the Committee on Allowances




Brief of the meeting held on 28.11.2016 with the Committee on Allowances

ALL INDIA RAILWAYMEN'S FEDERATION
(Estd, 1924)
4,State Entry Road,
New Delhi - 110055
INDIA

No.AIRF/VII CPC(Allowances)
Dated: November 28, 2016
The General Secretaries,
All Affiliated Unions,

Dear Comrades!
Sub: Brief of the meeting held on 28.11.2016 with the Committee on Allowances

A meeting in the matter of Allowances related to the Railways was held today under the Chairmanship of Secretary (Finance), Government of India and others. Staff Side was headed by the undersigned and Com. M. Raghavaiah, General Secretary NFIR.

The discussion was initiated by me.

At the outset, I reminded the Committee, specifically the Finance Secretary, that strike situation was averted by the government by deputing three Cabinet Ministers, viz. Hon’ble Home Minister, Hon’ble Finance Minister and Hon’ble Railway Minister. On 29th June, 2016, the government issued notification and this was firmed-up by another notification on 06.07.2016 issued by the Ministry of Finance(Deptt. of Exp.). The government took four months time to decide the issues of Minimum Wage, Pay Fixation Formula, Allowances and National Pension System(NPS) etc. I pointed out that, “four months time is running out, so the reports of these committees should be published and all the allowances should be revised and sanctioned w.e.f. 01.01.2016. The matter of Breakdown Allowance, Coal Pilot Allowance, Commercial Allowance (Flag Station Allowance), i.e. Gate Allowance, Rajdhani Express Allowance, Risk Allowance, Sumptuary Allowance to Trainers, which has been abolished by the VII CPC, should be allowed to be continued”.

The matter of positive recommendations of the VII CPC in respect of granting of Train Controllers Allowance, Track Maintenance Allowances were elaborately discussed by the undersigned, pointing out that, the significance of these categories was elaborately highlighted. In addition, Additional Allowance to Running Staff was explained in detail, demanding its extension to Loco Pilot and Guards(Goods). It was also pointed out that, in the event of any train accident, Loco Pilot and Asstt. Loco Pilot are equally responsible. Difficult condition of the Goods Guard was also explained in greater detail. It was also demanded that those allowances should be extended to all the categories of Loco & Traffic Running Staff and the same should be counted for pensionery benefits. In respect of non-appearance of certain allowances in the report of the VII CPC, the vagaries of the life of the personnel working in the National
Projects were also highlighted, including Officiating Allowance, Risk Allowance etc.

The undersigned also impressed upon the Committee, especially the Secretary (Finance), that, positive recommendations of the committee should be published and all decisions in respect of allowances should take retrospective effect w.e.f. 01.01.2016.

Comradely yours,
sd/-
(Rakhal Das Gupta)
President

Source: AIRF

Instructions regading No Limit for Withdrawals in Post Offices as per RBI relaxation

Instructions regading No Limit for Withdrawals in Post Offices as per RBI relaxation



Respected Sir/Madam,

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:-

S.No.
Date
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. 

With regards,

Sachin Kishore
Director (CBS)
Sansad Marg,
Dak Bhavan

Search for higher rates ends at post offices, govt bonds

Search for higher rates ends at post offices, govt bonds



MUMBAI: Investors are rushing to lock money into post office deposits and a government bond, which are yet to cut interest rates even as banks lower deposit rates.A bank deposit now pays a maximum of 7%, while post office deposits pay 7.8% and the government bond pays 8%. 

"There is a rush amongst investors to lock into longer-tenure products and where there is no announcement of rate cuts so far," said Vikram Dalal, managing director, Synergee Capital. 

For retirees and other investors living on interest income from deposits, financial advisors said, the government savings bonds, which have a tenure of six years for small investors, make sense. 

"There is no reinvestment risk as you can lock in at a rate as high as 8% for 6 years. It works well for those whose income is not subject to tax or who are in the marginal tax bracket," said Dalal. The minimum investments amount is Rs 1,000 and there is no ceiling on the upper limit. The bonds are issued in physical form. 

"The only drawback of this product is that it is illiquid since they are not traded and cannot be encashed in an emergency.However, investors can opt to take a loan on this product, says Anup Bhaiya, MD, Money Honey Financial Services.


Interest rates on bank fixed deposits fell post demonetisation. Banks like SBI, ICICI Bank, HDFC Bank, Kotak Bank have all cut fixed deposit rates by 15-25 basis points (100 basis points is equivalent to 1%). 


Post the rate cuts, a five year fixed de posit fixed de posit from State bank of India fetches 6.5%, while HDFC Bank gives 6.75%. Taking a cue from banks, finance companies too have lowered deposit rates. HDFC now offers 7.65% for a five-year deposit, while Gruh Finance is offering 7.5%. 


"The banking system is flush with liquidity and there are not enough avenues to deploy money .Given this and expected rate cuts, fixed deposit rates could head even lower in the coming months," says Shankar S, financial planner at Credo Capital. 
Source : The Economic Times

FAQs on Withdrawal of Legal Tender Status of the existing Bank Notes in the denominations of 500/- and 1000/- (Updated as on November 28, 2016)



FAQs on Withdrawal of Legal Tender Status of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 28, 2016)


Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 28, 2016)
(Updated as on November 28, 2016)
(Updated as on November 25, 2016)
(Updated as on November 23, 2016)
(Updated as on November 22, 2016)
(Updated as on November 21, 2016)
(Updated as on November 18, 2016)
(Updated as on November 16, 2016)
(Updated as on November 14, 2016)
(Updated as on November 12, 2016)
(Updated as on November 11, 2016)
(Updated as on November 08, 2016)
1. Why is this scheme introduced?
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
2. What is this scheme?
The legal tender character of the existing bank notes in denominations of ₹ 500 and ₹ 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. The Specified Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India and deposited at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office.
District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week. No exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by DCCB’s. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on need.
3. Does the scheme apply to pre 2005 banknotes of ₹ 500 and ₹ 1000?
Yes, specified banknotes (SBN) include pre 2005 banknotes in the denominations of ₹ 500 and ₹ 1000. Banks should accept deposits of pre-2005 bank notes in the denominations of ₹ 500 and ₹ 1000 under the scheme. However, these notes can be exchanged at RBI Offices only.
4. How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
5. Can I get all in cash?
The Scheme does not provide for it, given its objectives. You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.
6. Can I get cash in exchange for specified banknotes over the bank counter?
No over the counter exchange (in cash) of SBNs is not permitted from November 25, 2016. Members of public who approach the banks for over the counter exchange of SBN are encouraged to deposit SBNs into their bank accounts. Banks have been advised to facilitate opening of new accounts for unbanked people.
7. What if I don’t have any bank account?
You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.
8. What if, if I have only JDY account?
A JDY account holder can avail the deposit facility subject to the caps and other laid down limits in accord with norms and procedures.
9. Where can I go to exchange the notes?
The exchange facility has been stopped at bank branches with effect from November 25, 2016.
10. Should I go to bank personally for deposit or can I send the notes through my representative?
Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.
In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.
11. Can I withdraw from ATM?
The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to ₹ 2500/- per day. This will enable dispensing of lower denomination currency notes for about ₹ 500/- per withdrawal. Other ATMs which are yet to be recalibrated, will continue to dispense ₹ 2000/- till they are recalibrated.
Banks have also been advised to increase the Business Correspondents’ limit of dispensing cash to ₹ 2500/- for withdrawal from bank accounts.
12. What will be the levied ATM charges?
It has been decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review.
13. Does the limit of ₹ 24000 withdrawal apply to withdrawals from bank account of one bank from another bank?
These limits are not applicable to cash withdrawal from a bank account by one bank from another bank, Post Office, Money changers operating at International airports and operators of White Label ATMs. The branches maintaining Currency Chests have been advised to accommodate the requests from other branches in their vicinity – linked or otherwise – for supply of cash.
14. Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to a weekly limit of ₹ 24000/- (including withdrawals from ATMs and over the counter) from the bank accounts.
Business entities having Current Accounts which are operational for last three months or more will be allowed to draw ₹ 50,000/-per week. This can be done in a single transaction or multiple transactions. This facility has been extended to Overdraft and Cash Credit accounts and traders registered with the Agricultural Produce Market Committee (APMC) markets or mandis. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may withdraw upto ₹ 50000 in cash, in a week. Such withdrawals may be disbursed predominantly in ₹ 2000 denomination bank notes. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. Farmers are allowed to draw upto ₹ 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.
15. Can I withdraw a higher amount for the purpose of my ward’s wedding?
With a view to enable members of the public to perform and celebrate weddings of their wards it has been decided to allow a cash withdrawal of maximum ₹ 250000/- from their bank deposit accounts till December 30, 2016 to meet wedding related expenses. This is subject to the following conditions:
i. Withdrawals are permitted only from fully KYC compliant accounts.
ii. The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.
iii. Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw).
iv. Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.
v. The application for withdrawal shall be accompanied by following documents:
  1. Evidence of the wedding, including the invitation card, copies of receipts for advance payments already made, such as Marriage hall booking, advance payments to caterers, etc.
  2. A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is ₹ 10,000/- or more. The list should indicate the purpose for which the proposed payments are being made.
Banks may keep a proper record of the evidence and produce them for verification by the authorities in case of need. The scheme will be reviewed based on authenticity/ bona fide use thereof. Yet, banks should encourage families to incur wedding expenses through non-cash means viz. cheques /drafts, credit/debit cards, prepaid cards, mobile transfers, internet banking channels, NEFT/RTGS, etc. Therefore, members of the public should be advised, while granting cash withdrawals, to use cash to meet expenses which have to be met only through cash mode.
16. What is being done for the farmers?
Farmers are allowed to draw upto ₹ 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms. Specified banknotes in the denomination can be used for making payments towards purchase of seeds from the centres, units or outlets belonging to the Central or State Governments, Public Sector Undertakings, National or State Seeds Corporations, Central or State Agricultural Universities and the Indian Council of Agricultural Research, on production of proof of identity.
Towards ensuring unhindered farming operations during the Rabi crop season, NABARD would be utilizing its own cash credit limits up to about ₹ 23,000 crore to enable the DCCBs to disburse the required crop loans to PACS and farmers. Banks with currency chests have been advised to ensure adequate cash supply to the DCCBs and RRBs. Adequate cash supply should also be ensured for rural branches of all commercial (including RRBs). Bank branches located in APMCs may also be given adequate cash to facilitate smooth procurement.
17. Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine, cash Recycler and bank branches multiple times?
Yes, Specified Bank Notes can be deposited in Cash Deposits machines / Cash Recyclers or at bank branches more than once till December 30, 2016. At bank branches, customers should use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes.(If a depositor has a mixed bunch of SBN and legal tender notes, he has to segregate them and submit two separate Pay-in slips).
18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment. In order to meet the transactional needs of the public through digital means, additional measures have been introduce by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs).
PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can transfer funds from such PPIs to their own linked bank accounts upto ₹ 50,000/- per month, without any limit per transaction. Merchants only need to provide a self-declaration in respect of their status and details of their bank account.
The limit of semi-closed PPIs issued with minimum details has been enhanced to ₹ 20,000/- from the existing ₹ 10,000/-. The total value of reloads during any given month has also been enhanced to ₹ 20,000/-.
Extant instructions for other categories of PPIs remain unchanged. Full KYC PPIs with balance upto ₹ 1,00,000/- can continue to be made available by authorised PPI issuers.
The above measures will be effective from November 21, 2016 till December 30, 2016, subject to review.
19. I am right now not in India, what should I do?
If you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
20. I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Yes, you can deposit the Specified banknotes to your NRO account.
21. I am a foreign tourist, I have these notes. What should I do?
Foreign citizens will be permitted to exchange foreign currency up to ₹ 5000 per week. Necessary entry to this effect will be made in their passports.
22. 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:—
(a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor's prescription;
(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets;
(c) for purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof; However, the purchase from Consumer Cooperative Stores will be limited to ₹ 5000 at a time;
(d) for purchase at milk booths operating under authorisation of the Central or State Governments;
(e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil and Gas Marketing Companies;
(f) for payments at crematoria and burial grounds;
(g) for making payments in all pharmacies on production of doctor’s prescription and proof of identity;
(h) for payments on purchases LPG gas cylinders;
(i) for making payments to catering services on board, during travel by rail;
(j) for making payments for purchasing tickets for travel by suburban and metro rail services;
(k) for making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.
(l) for making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies;
(m) for making payments towards utility charges for water and electricity only. -which shall be restricted to individuals or households for payment of only arrears or current charges. No advance payments shall be allowed
(n) for payments towards court fees
(o) for making payments towards purchase of seeds from the centres, units or outlets belonging to the Central or State Governments, Public Sector Undertakings, National or State Seeds Corporations, Central or State Agricultural Universities and the Indian Council of Agricultural Research, on production of proof of identity: Provided that for the purposes of this clause, specified bank notes shall mean bank notes of the denominational value of five hundred rupees
(p) Payment of School fees up to ₹ 2000 per student in Central Government, State Government, Municipality and local body schools;
(q) Payment of fees in Central or State Government colleges;
(r) Payments towards pre- paid mobile top-up to a limit of ₹ 500 per top-up
(s) Toll payment at these toll plazas of the Ministry of Road Transport and Highways may be made through old ₹ 500 notes from 3.12.2016 to 15.12.2016 (as they have continued the toll free arrangement up to 2.12.2016)
23. Can I use the Specified banknotes to settle outstanding in my loan account?
Deposits of Specified bank Notes into all types of deposit/loan accounts is allowed subject to CTR/STR reporting. Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN.
24. Can I deposit SBN to Small Savings Scheme?
Government of India has decided that subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Banks have been advised not to accept SBNs for deposits in Small Saving Schemes with immediate effect. However deposits into Post Office Savings account are permitted
25. What is proof of identity?
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
26. Where can I get more information on this scheme?
Further information is available on our website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)
27. What steps have been taken for queue management?
Banks have been advised to make arrangements for separate queues for Senior citizens and Divyang (disabled) persons. Similarly, separate queues should also be arranged for those who come to exchange SBN for cash and those who come to deposit into bank accounts.
The last date for submission of the annual life certificate for the government pensioners which is to be submitted in November every year has been extended upto January 15, 2017 to facilitate.
The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.
Also see:
28. If I have a problem, whom should I approach?
You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944


Source : https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119

Validation on execution of HISCOD with SET ID and restriction of menu access after HISCOD before date change



  1. Some SOLs habituated in leaving the office without execution of HISCOD as a result of which CPC had executed HISCOD in SET ID
  2. This causes skipping of validations at HISCOD and  HSCOD getting failed during date change / HSCOLD
  3. And some SOLs doing transaction after execution of HISCOD and leaving without clearing. This resulted in failure of HSCOD / HSCOLD 


Unblocking the transactions will cause issues during closures and interest posting :-
  • Hence it is necessary  to stop running HISCOD in SET ID to avoid  skipping of validations and not allowing SOLs to do transactions after execution of HISCOD and before date change (HSCOD)

  • Patches meant for these two validations were already  deployed in productions  

  • From today onwards, CPC  will not be allowed to run HISCOD in SET ID and  SOLs will not access CTM,HTM, CXFER and HXFER during period between HISCOD and HSCOD. Incremental patch for restriction of all transaction menus  after HISCOD before date change is under consideration by Infosys

  • Please educate the CPCs and SOLs in this regard
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