Legal Updates

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes –Limit for Withdrawal of Cash

RBI/2016-17/123 DCM (Plg) No.1251/10.27.00/2016-17 November 10, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes –Limit for Withdrawal of Cash… Read More

Schemes for Stressed Assets – Revisions

RBI/2016-17/122 DBR.No.BP.BC.34/21.04.132/2016-17 November 10, 2016 All Scheduled Commercial Banks (Excluding RRBs), All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Non-Banking Financial Companies, including Securitisation Companies/ Reconstruction Companies Madam / Dear Sir, Schemes for Stressed Assets - Revisions In the recent past, the Reserve Bank of India has taken various regulatory measures to… Read More

Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) to remain open on Saturday, November 12 and Sunday, November 13, 2016

RBI/2016-17/116 DPSS (CO) RTGS No.1212/04.04.002/2016-17 November 10, 2016 The Chairman / Managing Director and Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Small Finance Banks / Regional Rural Banks / Local Area Banks All Cooperative Banks Dear Sir, Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) to remain… Read More

Withdrawal of the legal tender character of the existing and any older series banknotes in the denominations of ₹ 500 and ₹ 1000

RBI/2016-17/113 A.P. (DIR Series) Circular No. 16 November 09, 2016 To All Authorised Persons Madam / Sir, Withdrawal of the legal tender character of the existing and any older series banknotes in the denominations of ₹ 500 and ₹ 1000 1. Attention of Authorised Persons is invited to the Government of India Notification published in the… Read More

Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016

RBI/2016-17/114 DBR.No.Leg.BC.31/09.07.005/2016-17 November 9, 2016 The Chairman / Managing Director and Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Small Finance Banks / Regional Rural Banks / Local Area Banks All Cooperative Banks Dear Sir/ Madam, Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016… Read More

Companies (Registration Offices and Fees) Second Amendment Rules, 2016

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section(i)] Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 7th November, 2016 G.S.R.......(E).-In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with sub-sections(1) and (2) of section 469 of the Companies Act, 2013 (18… Read More

IEPF Authority (Recruitment, Salary and other Terms and Conditions of Service Officers and other Employees), Rules 2016

The Investor Education and Protection Fund Authority (Recruitment, Salary and other Terms and Conditions of Service Officers and other Employees), Rules 2016 [approved by the Competent Authority yet to be legislatively vetted] Read More.... Read More

FAQs on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

1. Why is this scheme? 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… Read More

Demonetization of currency

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 8th November, 2016 S.O. 3408(E).—Whereas, by the notification of the Government of India in the Ministry of Finance, vide F. No. 10/3/2016-Cy.I dated 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 8th November, 2016,… Read More

ICAI President’s Message – November 2016

Dear professional colleagues, Recently, Prime Minister Shri Narendra Modi said: "For me, more than what the world thinks of the government, what the image of the country is, is important. Substance over symbolism. Empowerment over entitlement…." Basically, either we give power and confidence and/or legal rights to people to enable, or we simply give authority,… Read More

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