Chandragupta wrote:That is why bankers have made merry and laundered thousands of crores.
very harsh of you to blame bankers for policy failure. Here is a whatsapp post circulated in my group from RBI GM
Ever since demonetisation was announced by our P.M., Bank employees have been working practically 24x7 all over the country but the kind of media criticism being heaped upon such employees has to be condemned. At this crucial juncture (with only 10-12 days to go) all Bank employees and their well wishers should remain united. All is not lost.
1. Out of nearly 11 Lakh employees and over 60000 bank branches, only less than 100 employees and about 15 branches have been found to be violating the instructions. THIS IS MINISCULE.
2. Due to proper highlighting of the issue by several Union Leaders, the role of RBI has been highlighted inasmuch as in Tamil Nadu, there are nearly 9000 public sector Bank branches and about 900 private sector sector Bank branches, but the currency supplied to both are almost same. IS IT NOT IMPROPER?
3. In several huge amount of new currency has been caught by Govt. agencies. THE QUESTION IS HOW SUCH CURRENCY CAME INTO THEIR POSSESSION? Does the media think ordinary bank employee has given this? The Media and public need to know that in almost 90 percent of the branches the cash holding limit is very less.
4. Shri Pratip Chaudhuri, Former Chairman of SBI, gave a befitting reply to Zee news Anchor who was literally accusing the Bank employees. Shri Chaudhuri gave the factual position, when RBI is not supplying adequate currency, how can the Bank employees dispense cash.
5. When Print and Electronic Media are not supporting the bank employees, social Media is playing a good role. Many persons are appreciative of the positive role played by bank employees, who have stood with the Government and their respective Banks, at this time of crisis.
6. Finally, every dark cloud has a silver lining and there is light at the end of even the darkest tunnel. We are beginning to see the silver lining and light. Just a matter of time.
ALL OF YOU ARE REQUESTED TO SHARE THIS POST, SO THAT MORE PERSONS CAN READ THIS AND KNOW THE FACTS.
DCM (Plg) No. 1859/10.27.00/2016-17
December 19, 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
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) - Deposit of Specified Bank Notes (SBNs) into bank accounts
Please refer to Circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject. On a review of the provisions ii, iii and iv at C of Para 3 dealing with credit of the value of SBNs into bank accounts it has been decided to place certain restrictions on deposits of SBNs into bank accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016 as indicated below:
Tenders of SBNs in excess of ₹ 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage. An appropriate flag also should be raised in CBS to that effect so that no more tenders are allowed.
Tenders of SBNs up to ₹ 5000 in value received across the counter will allowed to be credited to bank accounts in the normal course until December 30, 2016. Even when tenders smaller than ₹ 5000 are made in an account and such tenders taken together on cumulative basis exceed ₹ 5000 they may be subject to the procedure to be followed in case of tenders above ₹ 5000, with no more tenders being allowed thereafter until December 30, 2016.
It may also be ensured that full value of tenders of SBNs in excess of ₹ 5000 shall be credited to only KYC compliant accounts and if the accounts are not KYC compliant credits may be restricted up to ₹ 50,000 subject to the conditions governing the conduct of such accounts.
The above restrictions shall not apply to tenders of SBNs for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.
The equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.
The equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex-5 of our circular cited above.
2. Please acknowledge receipt.
(P Vijaya Kumar)
Chief General Manager