Super Idea By Government To Control Long Queues Outside Post Offices and Banks For Exchange Of 500 and 1000 Notes

There are long lines outside banks and ATMs in order to exchange old notes. However, the crowd is uncontrollable at some places, because people are repeatedly standing in queues in order to get more notes exchanged.

However, the government has found an option to this. Now, the banks will put an indelible ink mark on the fingers of people, after they have exchanged their notes. Yes, this is basically for preventing repeated conversions!

This move has been announced mainly for controlling the large crowds outside bank branches. It is taking almost 4 to 5 hours for people to get their cash exchanged.

This move was announced today morning by Shaktikanta Das, the Secretary of Economic Affairs. He further said explained that the government took this decision, because there were many people who tried converting black money to white money smartly, by making multiple visits to the banks.

He said

“The reason for long queues at banks and ATMs is that the same people keep coming again and again at different places. We have received reports that many people are trying to convert black money into white and they have organised groups of people and are sending them to exchange money.”

Further, Das added “To solve this problem, we have decided to use indelible ink marks, similar to elections, at cash counters… This will start today in major cities,”

Moreover, he also requested people to not believe any rumors on social media. Let us see if this decision helps to control the crowd at the bank.

Source : RVCJ

Post offices see spurt in cash deposits by customers

THERE ARE 2.50 CRORE ACCOUNTS, INCLUDING SAVINGS ACCOUNTS AND RECURRING DEPOSITS, IN CHENNAI REGION ALONE

In a bid to ease the inconvenience of customers waiting in queues, the Department of Posts has started operating most of its ATMs across the State. However, only those with postal accounts can withdraw money.

In the past four days since demonetisation was implemented, post offices across the State have made transactions to the tune of nearly Rs. 915 crore. Many people seemed to have found it convenient to deposit cash in post offices, going by the volume of deposits. Of the total cash transactions, nearly Rs. 772 crore has been deposited in the savings bank accounts.

Officials of the postal department said they have extended working hours of counters for exchanging currency, which are mostly Rs. 100 and Rs. 2,000 notes. On Sunday alone, nearly Rs. 63 crore worth currency notes were exchanged for lower denomination notes.

At present, the postal department is carrying out only banking transactions and even mail delivery has been suspended for two days on account of national holiday. People are exchanging Rs. 500 and Rs. 1,000 notes, which have lost their legal tender value, at nearly 2,600 head post offices and sub post offices across the State.

While some post offices exchange currency for the specified limit, some of them limit giving cash to Rs. 2,000 or Rs. 1,000 depending on the availability of cash reserve. J.T. Venkateswarulu, postmaster general (mails and business development), said: “We want to serve all the customers who visit the post offices. We have started providing new Rs. 2,000 notes as well. The demonetisation move has also facilitated opening of new postal savings bank accounts by customers.”

There are nearly 2.50 crore accounts, including savings bank accounts and recurring deposits, in Chennai city region alone.

Of the 91 postal ATMs installed across the State, nearly 80 have started functioning. Chennai city region has nearly 20 ATMs to enable customers to withdraw money. The remaining will be operational in one or two days once adequate cash is loaded, he said.

There are 2.50 crore accounts, including savings accounts and recurring deposits, in Chennai region alone

Source : http://www.thehindu.com/

Retirement of Government Servant under Central Civil Service Pension Rules 1972 and Central Civil Service Extraordinary Pension Rules

To view Gazette Notification, please CLICK HERE. 

Date of Submission of Annual Life Certificate Extended upto 15.01.2017

To view, please CLICK HERE. 

Opening of Post Offices on 13.11.2016 (Sunday) for exchange of WOS banknotes & POSB transactions

Do You Know Who Is The Master Mind Behind 500/1000 note Ban?

Meet the master mind behind the ban of 500 and 1000 Rs notes.

Mechanical engineer Anil Bokil, a member of the ArthaKranti Sansthan, is reportedly the man behind getting the ban on Rs 500 and Rs 1000 notes. Anil had met Narendra Modi a few months back and suggested that the PM study the roots of corruption, poverty and unemployment.

In an interview with ETV Marathi in 2009 he said, "We are more into physical transaction involving cash (compared to other countries). Because of the physical exchange of cash we do not have any records of the cash transactions between two individuals who have entered into an exchange of money...We should encourage bank transactions or electronic payment modes.

"In the United States, 90 percent of transactions are through the bank and so there is all white money. During elections, political parties bribe each other and in India all these bribery happens through cash, hence there is no record of these currencies, because of which there is corruption and uneven distribution of money."

He also reflected on an alternative taxation policy, black money, terrorism, inflation, corruption, industrial growth and unemployment.

According to reports, when Bokil met Modi, he was allotted only nine minutes. But Bokil's proposal to discontinue currency notes interested the dynamic leader, and the two entered into serious talks for over two hours. If reports are to be believed, Bokil's team had also met Rahul Gandhi one and a half years back, but Rahul gave the team only 10-15 seconds. Later, the activists also met a few BJP leaders.

The Pune-based Arthakranti Sansthan is an economic advisory body constituted by a group of chartered accountants and engineers. 

In his proposal, Bokil had put forth the following points:

1. Except import and export duty, there are 56 types of taxes which should be taken back.

2. High denomination currency including Rs 500, Rs 1000 and Rs 100 notes should be scrapped.

3. All kinds of big transactions should only be allowed through cheque, demand draft or online payment.

4. There needs to be a limit for cash transactions, and there should be no tax on cash payment.

5. For government revenue collection, introduce single point tax system through banking system - Banking Transaction Tax (2 percent to 0.7percent) on only credit amount.

Centre paves way for timely promotions of employees

Friday, November 11, 2016 : New Delhi, Nov 11: All central government departments have been asked to conduct meetings of Departmental Promotion Committee (DPC) in time to check "abnormal delay" in giving career benefits to employees.

The move comes after noticing cases of delay in holding the meeting of DPC, which decides on employees' promotions.

Centre paves way for timely promotions

The Department of Personnel and Training (DoPT) has issued instructions to all the departments asking them to ensure timely promotions to the employees by conducting meetings of DPC in time. A model calender has also been issued by the DoPT in this regard.

It has been brought to the notice of the government that many promotion posts are lying vacant due to abnormal delay in convening DPCs. "The objective of timely promotions of employees in various ministries and departments can be achieved only by holding DPC meetings.

"In view of above, all ministries and departments are again advised to ensure strict compliance of instructions in order achieve the desired objectives of timely convening of DPCs or preparation of approved select panels within the prescribed time frame," the DoPT said in an order. There are about 50.68 lakh central government employees.

PTI

Source : http://www.oneindia.com

Quarterly Training Calendar for the 4th Quarter (January 17 to March 17) of 2016-17 at PTC Darbhanga in Bihar

To view, please CLICK HERE. 

Here Are 10 Highlights Of The New Monetary Policy

1. RBI posted a 25-point detailed FAQs on note exchange guidelines.

2. RBI said the most important reason for the ban was the abnormal rise in the fake currency of higher denominations.

3. One can get value for the entire volume of notes tendered at the bank branches/RBI offices.

4. One will get up to Rs 4,000 in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to the bank account.

5. ATMs in some area will remain closed on Wednesday and Thursday, One can withdraw of only Rs.2,000 per day up to 18 November and Rs 4,000 per day from 19 November onwards.

RBI issues â ‚¹2000 note in new series pic.twitter.com/7Ob2j1t6Ab
— ReserveBankOfIndia (@RBI) November 8, 2016

6. One cannot get the entire amount in cash as the scheme of withdrawal of old high denomination notes does not provide for it.

7. One can use balance in bank accounts to pay for other requirements by cheque or through electronic means such as online banking, mobile wallets, IMPS, credit/debit cards etc. Rs 2,000 can be withdrawn per day up to 18 November

8. For those without any bank account, RBI said they can open an account with necessary KYC documents.

9. Even no-frills accounts under the Jan Dhan Yojana can also avail of the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

10. For the exchange of notes, the person has to carry valid identity proofs. The exchanges of notes can be done at any branch of the bank that one is banking with.

Regarding opening of Head Post Offices (HOs) on 13.11.2016 (Sunday) for the exchange of Withdrawn Old Series (WOS) bank notes and for opening SB Counters

No. 24-01/2016-PO

Government of India

Ministry of Communications

Department of Posts

(PO Division)

Dak Bhawan, Sansad Marg

New Delhi-110 001

Dated: 11.11.2016

To

All Chief Postmasters General

All Postmasters General

Subject:  Regarding opening of Head Post Offices (HOs) on 13.11.2016 (Sunday)  for the exchange of Withdrawn Old Series (WOS) bank notes and for opening SB Counters

The competent authority has ordered that all the Head Post Offices across the country will remain open on 13.11.2016 (Sunday) for exchange of Withdrawn Old Series (WOS) of bank notes in denominations of Rs. 500/- and Rs. 1000/- with new currency/ prevalent notes, and for opening SB Counters. 

2. The Head Post Offices should arrange for drawal of sufficient cash from the linked Banks in advance. The purpose of keeping the Post Offices open on 13.11.2016 is specifically for exchange of WOS notes with the new/prevalent ones and opening SB counters and not for other operations. Sufficient number of counters should be operationalized to avoid any kind of inconvenience to the public. The information about availability of cash for exchange purpose may be displayed on the notice board of respective Post Offices well in advance. This may also be widely published through the press. Requirement of staff shall be as per local assessment.

3. A compliance report in this regard may be sent to this Directorate by 1100 hrs of 15.11.2016 on email id po@indiapost.gov.in

Sd-

(M. S. Rana)

ADG (PO)

Rate of Dearness Allowance applicable w.e.f. 01-07-2016 as per 6th Pay Commission Pay / Grade Pay. DA enhanced from existing 125% to 132% w.e.f. 01-07-2016.

To view, please CLICK HERE. 

Directorate called for information regarding transfers under Rule 38

To view clear copy, please CLICK HERE. 

Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies till midnight of 11.11.2016

Press Information Bureau

Government of India

Ministry of Finance

10-November-2016 16:13 IST

Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies; 

This facility available only till midnight of 11th November, 2016.

The Central Government has taken a decision that old 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and Local Bodies. Such old notes will also be accepted for making payment of utility charges for water & electricity etc. However, these facilities will be available only till midnight of 11th November,2016.

Timely and advance action in convening of Departmental Promotion Committee meeting in terms of Model Calendar - regarding.

UPSC Civil Service Main Examination, 2016 Admit Card Out

Union Public Service Commission (UPSC) has published Admit card for Civil Service Main examination, 2016. Check below for more details.

E-Admit card for Civil Service Exam

Official Notification

Deposits above Rs 2.5 lakh to face tax, penalty on mismatch

PTI| Nov 09, 2016

"The department would do matching of this with income returns filed by the depositors. And suitable action may follow," Revenue Secretary Hashmukh Adhia said."The department would do matching of this with income returns filed by the depositors. And suitable action may follow," Revenue Secretary Hashmukh Adhia said.

NEW DELHI: Further dangling the stick, government tonight warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch. 

"We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account. 

"The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow," Revenue Secretary Hashmukh Adhia said tonight. 

Any mismatch with income declared by the account holder will be treated as a case of tax evasion.

"This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 per cent of the tax payable would be levied as per the Section 270(A) of the Income Tax Act," he said.

The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000 denominations, which had been declared invalid in the nation's biggest crackdown on blackmoney, corruption and counterfeit notes, between November 10 and December 30. 

Adhia said small businessmen, housewives, artisans and workers who had some cash lying as their savings at home should not be worried about any tax department scrutiny. 

"Such group of people... need not worry about such small amount of deposits up to Rs 1.5 or 2 lakh since it would be below the taxable income. There will be no harassment by the Income Tax Department for such small deposits made," he said. 

On people resorting to buying of jewelery, he said persons buying jewelery has to provide the PAN number. 

"We are issuing instructions to the field authorities to check with all the jewellers to ensure this requirement is not compromised.

"Action will be taken against those jewellers who fail to take PAN numbers from such buyers. When the cash deposits of the jewellers would be scrutinised against the sales made, whether they have taken the PAN number of the buyer or not will also be checked," he added.

 Source : http://economictimes.indiatimes.com

Addendum-II to SB order 5/2016 regarding steps to be taken for smooth functioning of POSB operations and prevention in CBS Offices

पोस्ट आॅफीसमध्ये भरा जुन्या नोटा, दिवसाला 10 हजार काढता येणार (Deposit WOS Bank Notes in Post Office, Withdraw Rs.10000/- in a day)

Interview of Hon'ble CPMG Maharashtra Circle Shri H. C. Agarwal on Maharashtra TV channel on 9th November 2016. 

Banks will remain open on weekend to exchange old notes

Banks will remain open on coming Saturday and Sunday to deal with the rush of people expected to queue up at branches to exchange now-invalid currency notes of Rs. 500 and Rs. 1,000.

For public convenience, banks will remain open on coming Saturday and Sunday, Economic Affairs Secretary Shaktikanta Das tweeted.

CLICK HERE FOR RBI NOTIFICATION

As per the normal schedule, the coming Saturday being the second would have been a holiday, but keeping in view the expected rush at the branches, it was decided otherwise.

There are about 149 scheduled commercial banks, including 56 regional rural banks, with branch network of about 1.30 lakh across the country. Besides, the co-operative banks have also been asked to take deposit and exchange the old with the new one.

It is, however, not clear whether post offices would be open or not on the weekend. There are about 1.25 lakh post offices across the country.

No need to panic on cash deposit of old notes : I.T dept is not going to chase every deposit.

Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs.2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today.

After withdrawing Rs.500 and Rs.1,000 notes from circulation, the government allowed individuals to deposit the same in their bank accounts till 30 December and get smaller denomination ones or new Rs.500 and Rs.2,000 bank notes.

These deposits, however, will be scrutinised to catch tax evaders and black money holders. But those falling within the income tax exemption bracket Rs2.5 lakh need not worry regarding their cash deposits in banks except for suspicious cases, the official said.

To read the say of Revenue Secretary, Please CLICK HERE. 

Draft minutes of Allowance Committee - DOP&T Specific allowances.

To view, please CLICK HERE.

IT Dept to keep record of deposits over Rs 2 lakh

With demonetization of Rs 500 and Rs 1,000 currency notes, the government has directed Income-Tax Department to coordinate with all banks and furnish details of individuals who exchange cash amount of Rs 2 lakh and above.

“A key reason for scrapping these two currency denominations is to curb the huge menace of fake currency, tackle black money and make India a cashless economy,” said a senior I-T department official.

The object was also to make Indians tax complaint, which will eventually lead to higher revenues for government, he added.

The tax department has been asked to keep record of every individual along with his/her PAN card details and tally it with the tax filing. Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent, depending on the source of income.

India has physical cash circulation of Rs 17 lakh crore, of which 88 per cent is Rs 500 and Rs 1,000 notes. Official data suggest that 40 per cent of black money is generated in real estate, while stock market and bullion transactions are other big sources.

Estimated total value of gold in India at 25,000 tonnes is Rs 70 lakh crore. India imports 750-1,000 tonnes of gold every year.

Among the key reasons that triggered the move was the moderate response to Income Declaration Scheme (IDS), which charged a one-time effective tax rate of 45 per cent on undisclosed income or property, giving a chance to domestic taxpayers to declare undisclosed income or assets by September 30. The scheme offered immunity from prosecution under the Income Tax Act, Wealth Tax Act and Benami Transactions (Prohibition) Act.

According to estimates, the government collected only Rs 65,250 crore, resulting in tax revenue of Rs 30,000 crore, about 0.2 per cent of GDP. The government has also tried to deal with the currency problem where 250 out of every 1 million notes are found fake, according to the data submitted by the Union Home Ministry to Parliament on May 3.

In 2015, investigative agencies and the Reserve Bank of India had recovered 632,000 fake currency notes with a value of Rs 30.43 crore. In 2015, various intelligence agencies filed 788 cases of smuggling and circulation of fake currency notes, in which at least 816 people were accused. It has been learnt that Delhi and Uttar Pradesh together accounted for over 43 per cent of fake currency recovered.

Withdrawal of Legal Tender Character of existing Rs.500/- and Rs. 1000/- Banknotes

Frequently Asked Questions (FAQs) on Withdrawal of Legal tender Character of the Old High Denomination Bank Notes

To view FAQ issued by RBI, please CLICK HERE. 

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 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 notes in denominations of Rs. 500 and Rs. 1000 stands withdrawn.  In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches and at any Head Post Offices /Sub-Post Offices.

3.       How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices/ Head Post Offices and Sub-Post Offices.

.

4.       Can I get all in cash?

No. You will get upto Rs. 4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank/post office account.

5.       Why I cannot get the entire amount in cash when I have surrendered everything in cash?

The Scheme of withdrawal of old high denomination (OHD) notes does not provide for it, given its objectives.

6.       Rs. 4000 cash is insufficient for my need. What to do?

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.

7.       What if I don’t have any bank account?

You can always open an account by approaching a bank branch/post office with necessary documents required for fulfilling the KYC requirements.

8.       Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

9.       Can I go to a Branch Post Office to exchange old High Denomination (OHD) Notes.

          No.

10.     Need I go only to my post office where I have the account?

For exchange upto 4000 in cash you may go to any H.O./S.O. with valid identity proof.

For exchange over 4000, which will be accorded through credit to Bank/POSB account only, you may go to the bank branch/post office where you have an account or to any other CBS Post Office.

In case you want to go to a branch of any other bank/post office where you are not maintaining an account, you will have to furnish valid identity proof and POSB account details required for electronic fund transfer to your account.  Both the offices should be under CBS.

11.     Can I go to any Post Office for this?

Yes, you can go to any post office provided both the POs (where your account stands and where you want to deposit) are under CBS.

12.     Can OHD notes be accepted by non-CBS Post Offices?

          Yes, they can accept OHD notes for exchange upto Rs. 4,000 with identity proof.  Besides, they are also permitted to accept deposits of OHD notes in POSB accounts standing in their offices.  OHD notes shall not be accepted in these offices for POSB accounts standing in other offices.  All the conditions stipulated for identification/preparation of statement prescribed should be followed/submitted by these non-CBS offices.

 13.     I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder’s relative/friend etc gives you permission in writing. While exchanging, you should provide to the post office, evidence of permission given by the account holder and your valid identity proof.

14.     Should I go to post office personally or can I send the notes through my representative?

Personal visit to the post office is preferable. In case it is not possible for you to visit the post office 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.

15.     Can I withdraw from ATM?

It may take a while for the vendor to recalibrate the ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs. 2,000/- per card per day upto 18th November, 2016. The limit will be raised to Rs. 4000/- per day per card from 19th November 2016 onwards.

16.     Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs. 10,000/- in a day within an overall limit of ₹20,000/- in a week (including withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.

17.     How much time do I have to exchange the notes?

The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI/and Departmental Post offices till 30th December 2016.

For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

18.     I am right now not in India, what should I do?

If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your post account. The person so authorised has to come to the post office with the OHD 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)

19.     I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to Rs. 5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.

20.     I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

 21.     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.

22.     Where can I get more information on this scheme?

Further information is available at website (www.rbi.org.in)

23.     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.  For issues relating to POSB transaction, you may contact control room functioning at the following telephone:

Postal Directorate – 011-23036967, 23036224

The new Rs 500 and Rs 2000 bank notes: You should know this

After Prime Minister Narendra Modi announced trashing of old Rs 500 and Rs 1000 bank notes to curb black money, RBI has released the details of newly minted Rs 500 and Rs 2000 bank notes. The new Rs 500 note is completely different from the old note while the new Rs 2000 note has 17 major features to make it stand out. Check out the features of these bank notes below: 

Rs 500 new currency : 

- The RBI will issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ in both the number panels. The note will have the signature of Governor Dr Urjit R Patel and will bear the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the bank note.

- The new size of the note is 66mm x150mm and the new colour of the note is stone grey. 

- On the back side of the note, an image of the Red Fort with Indian flag has been placed. 

-Other features include intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines, circle with ₹ 500 in the right, and the identification mark to enable the visually impaired person to identify the denomination.

To view new design of ₹500 Currency Notes issued by RBI please Click Here.

Rs 2000 new currency: 

RBI will start distributing the new ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, without the inset letter, bearing the signature of Governor Dr Urjit R Patel, and the year of printing '2016' printed on the reverse of the banknote. 

The new note has Motif of Mangalayan (Mars mission) on the reverse. The colour of the note is magenta and the size is 66 mm × 166 mm. Other key features include geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. 

To view new design of ₹2,000 Currency Notes issued by RBI please Click Here.

Front side features :

1. See-through numeral 2000 

2. Denominational numeral २००० in Devnagari 

3. Portrait of Mahatma Gandhi at the centre 

4. Micro letters ‘RBI’ and ‘2000’ on the left side of the banknote 

5. Windowed security thread with inscriptions ‘भारत’, RBI and 2000 on banknotes with colour shift. Colour of the thread changes from green to blue when the note is tilted

6. Ashoka Pillar emblem on the right and Mahatma Gandhi portrait and electrotype (2000) watermarks 

7. For visually impaired: Intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines and identity mark 

8. Horizontal rectangle with ₹2000 in raised print on the right

9. Seven angular bleed lines on left and right side in raised print 

Back side features 

1. Swachh Bharat logo with slogan 

2. Motif of Mangalayan 

3. Denominational numeral २००० in Devnagari

Source:-The Economic Times

New currency notes in ATMs from Friday: Government

The new hard-to-fake Rs 500/- and Rs 2,000/- currency notes will be available at bank ATMs when they start operating again from Friday, Finance Secretary Ashok Lavasa said today. 

"There are going to be some difficulties which they (people) will face but for their convenience, a number of steps have been taken by the government, there are facilities to withdraw money from ATM and exchange currency at banks, withdraw money from accounts," he said on government withdrawing Rs 500 and Rs 1,000 notes from circulation to crack down on black money and counterfeit currency. 

People, he said, do understand the objective behind the move. "And I'm sure they will cooperate in dealing with the difficulties and inconvenience that they might face. And eventually things will settle down." 

Lavasa said people need money for transaction so for replacement that currency is being introduced.

"RBI will very strictly monitor it," he said. "For doing any transaction there are different ways, government's intention is to move towards cash less transaction."

The ATMs will open day after tomorrow and at many places they will open tomorrow, he said adding new notes will be available at ATMs. 

Asked about the slump in stock market indices, he said, the, "The market would have reacted to several other developments. Let's wait and watch how things pan out." 

"If there is anything required to be done by them I am sure they will take a look and take appropriate decision at the right time," he said on market regulator Sebi looking into the crash. 

Chief Economic Advisor Arvind Subramanian said: "I think this is an important step. What the government has taken in the fight against corruption, counterfeiting and black money. So I think over the medium term we will see the benefits probably."

Source:-The Economic Times

Deposits of old notes not to enjoy tax immunity: FM

New Delhi, Nov 9 (PTI) : Finance Minister Arun Jaitley on Wednesday said deposits of now-defunct old Rs 500 and Rs 1,000 currency notes in bank accounts will not enjoy immunity from tax and the land of law will apply on source of such money.

A day after the government announced the withdrawal of Rs 500 and Rs 1,000 banknotes in the country's biggest crack down against black money, corruption and counterfeit currency, Jaitley said old higher-denomination currency notes have to be deposited in bank accounts to get newer or smaller denomination currencies.

"But it should be clear that it is no immunity scheme.

This (deposit) does not provide any relief from taxation. The law of land will apply (on source of fund)," he said.

"If the money is legitimate which had been previously withdrawn from bank or earned legally and saved and had been disclosed, there is nothing to worry about," Jaitley said.

But if it is illegal money, source will have to be disclosed and if it is a crime money, or bribe money, then it is trouble, he told DD News.

The Finance Minister further said that housewives and farmers with genuine savings need not worry about depositing cash in their bank accounts.

"The small amounts that people will deposit like Rs 25,000, 30,000 or 50,000 lying in house for expenses, whatever money could be there for meeting normal family expenses they need not worry. They can go to banks," he said.

The Finance Minister said for first one or two weeks replacements may be less but after 2-3 weeks as more currency notes come in market then normal replacement will be available.

The move would help make more and more transactions become digital, he said, adding now people will disclose income and pay taxes. "India will become a more tax compliant society." 

Jaitley said that people who have accumulated black money, crime money or bribe would suffer after this.

"There is a premium now that this decision has created on honesty and dis-premium on dishonesty," he added.

"Obviously there are some inconvenience for a couple of days or couple of weeks but those inconvenience cannot be alibi that India continues to live (with black money and parallel economy)," he said.

The decision would bring more transactions under tax net and both direct and indirect taxes would move up. Reduction in parallel economy would increase the size of formal economy, Jaitley said.

Stating that the decision would have its ramifications on politics as well, Jaitley said some political funding has started by cheques and if this step can do some cleansing, it would be a great move.

Withdrawal of Legal Tender Character of existing Rs.500/- and Rs.1000/- Banknotes

SB order 12/2016 dated 8-11-2016 regarding Withdraw of Legal Tender Character of existing Rs. 500/- and Rs. 1000/- banknotes

Text of Prime Minister’s address to the Nation

To view, please CLICK HERE. 

All Banks,Post Offices to remain closed on November 9

Hon’ble Prime Minister Narendra Modi on Tuesday announced that all banks and post offices across the nation will be closed on November 9 for public work. He also announced that Rs. 500/- and Rs. 1,000/- notes will no longer be valid starting midnight on November 8. He further said the notes can be exchanged till December 30., 2016.

Images of new currency notes of Rs. 500/- and Rs.2000/-

Directorate circulated DA order effective from 1-7-2016