image

Withdrawal of Specified Banknotes : Cash requirements of pensioners and Armed Forces Personnel

RBI/2016-17/154
DCM (Plg) No.1384/10.27.00/2016-17

November 24, 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 Co-operative Banks

Dear Sir,

Withdrawal of Specified Banknotes : Cash requirements of pensioners and Armed Forces Personnel

In view of the withdrawal of legal tender character of the Specified Banknotes (SBN) demand for cash is expected from Government officials and pensioners after the electronic payment of their salary/pension.

2. Banks are therefore advised to take appropriate steps in order to meet this likely demand for cash by:

(i) Ensuring adequate cash availability for taking care of the requirements of pensioners

(ii) Ensuring adequate supply at the military outposts for the cash requirements of the Armed Forces personnel.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Leave a Reply

Your email address will not be published. Required fields are marked *

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Recent Articles

Recent Legal updates

Recent Gst Updates