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Tuesday, November 22, 2016

Constitution of team of officers for field visits regarding cancellation of high denomenation bank notes

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Cash withdrawal for purpose of celebration of wedding



RBI/2016-17/145
DCM (Plg) No.1320/10.27.00/2016-17
November 21, 2016
The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks

Dear Sir,
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Cash withdrawal for purpose of celebration of wedding

Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject.
2. With a view to enable members of the public to perform and celebrate weddings of their wards it has been decided to allow higher limits of cash withdrawals from their bank deposit accounts to meet wedding related expenses. 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. Cash withdrawals shall be subject to the following conditions:
i. A maximum of ₹ 250000/- is allowed to be withdrawn from the bank deposit accounts till December 30, 2016 out of the balances at credit in the account as at close of business on November 08, 2016.
ii. Withdrawals are permitted only from accounts which are fully KYC compliant.
iii. The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.
iv. Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw).
v. Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.
vi. The application for withdrawal shall be accompanied by following documents:
  1. An application as per Annex
  2. 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.
  3. 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. The list should indicate the purpose for which the proposed payments are being made
3. Banks shall 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.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager
Encl: As above

Revision in Cash Withdrawal Limit - Current Account holder can withdraw upto ₹ 50000 in Cash


Withdrawal of Legal Tender Character of Specified Bank Notes – Cash Withdrawal Limit
RBI/2016-17/142
DCM (Plg) No.1317/10.27.00/2016-17
November 21, 2016
The Chairman / Managing Director/Chief Executive Officer
Public Sector Banks / Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/
District Central Cooperative Banks
Dear Sir,
Withdrawal of Legal Tender Character of Specified Bank Notes –
Cash Withdrawal Limit

Please refer to Para (i) – Additional Facilities of our Circular No. DCM (Plg) No.1274/10.27.00/2016-17 dated November 14, 2016 in terms of which current account holders (applicable to Current Accounts which are operational for last three months or more) were allowed to withdraw up to ₹ 50000 in cash, in a week. On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may now withdraw upto ₹ 50000 in cash, in a week. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts.
2. Such withdrawals may be disbursed predominantly in ₹ 2000 denomination bank notes.

Yours faithfully,

(Suman Ray)
General Manager

7th Pay Commission: Weekly work report to decide annual increment



7th Pay Commission: Weekly work report to decide annual increment of Central government employees

New Delhi: The Department of Personnel and Training is going to soon bring out guidelines which will help in tracking performance of Central government employees in more transparent manner.

As per reports, Central government employees will need to give a weekly work report every Friday showing the task accomplished as well as the pending work.

The Seventh Pay Commission has recommended that Central government employees should be offered annual increments only if they meet certain performance criterion. The Pay Commission has also sought upgradation of performance benchmark to “very good” from “good” level and recommended introduction of the Performance Related Pay (PRP) for all categories of central government employees.

On the basis of the weekly report, the performance of central government employees will be assessed whether they meet the performance criteria or not, and graded for annual appraisal. The employees who will fail to meet the performance criteria on the basis or the weekly work report, are likely to be denied annual increment.

The 7th Pay Commission  believes grant of Modified Assured Career Progression (MACP), although subject to the employee attaining the laid down threshold of performance, is taken for granted.”

It had siad in the report that "employees who do not meet the laid down performance criterion should not be allowed to earn future annual increments. The Commission is therefore proposing withholding of annual increments in the case of those employees who are not able to meet the benchmark either for MACP or a regular promotion within the first 20 years of their service. This will act as a deterrent for complacent and inefficient employees. However, since this is not a penalty, the norms for penal action in disciplinary cases involving withholding increments will not be applicable in such cases. This will be treated as an efficiency bar,” 

Read at: Zee News

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