Over Rs 1 crore in old currency notes looted from bank

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DHENKANAL: At least Rs 1.15 crore worth of cash in now defunct Rs 500 and Rs 1,000 notes was stolen from the Odisha Gramya Bank’s branch here, police said .

The incident came to light on Monday when the bank officials opened the bank after the two-day weekend holiday, Abhinav Dalua, inspector in-charge of Dhenkanal Town Police Station said.

There were about Rs 8 crore in old currency notes in the bank and Rs 1.15 crore were found missing from one iron box, he said.

The money was in banned Rs 500 and Rs 1,000 notes, Dhenkanal SP Basant Kumar Panigrahi said, adding “We are examining the CCTV footages”.

“We strongly suspect the involvement of some insiders behind the crime. We are surprised to find nearly Rs 7 crore cash intact in the strong room. All the cash were stashed in three huge boxes in the chest,” he said.

The branch is located at a stone’s throw from the Dhenkanal Town police station. Police have formed special teams to apprehend the culprits involved in the robbery.

Source: http://timesofindia.indiatimes.com/india/Over-Rs-1-crore-in-old-currency-notes-looted-from-bank/articleshow/55545205.cms

Indian economic reform poised to accelerate Indo-US ties, says Ed Royce

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Ed Royce spoke about “the contribution of Hindu entrepreneurs to US economy” at the World Hindu Economic Forum in Los Angeles.

LOS ANGELES: A top American lawmaker has said the economic reforms unleashed by India would not only boost its growth but also accelerate the Indo-US relationship.

“Reforms put in place has helped us realised this impressive growth. I see an opportunity here to accelerate this (India-US) relationship,” Congressman Ed Royce, Chairman of the powerful House Foreign Relations, told a global meeting of Hindu businesses and entrepreneurs here.

Royce, a Congressman of 24 years years and one of the key founders of House India Caucus, said the Modi Government has taken “impressive steps” to “boost growth; increase and investment” and double export. He said he would continue to strengthen this relationship.

The top Republican Congressman was speaking on “the contribution of Hindu entrepreneurs to US economy” at the World Hindu Economic Forum here in Los Angeles.

Into its fifth annual event, the World Hindu Economic Forum is an effort to bring Hindu entrepreneurs from across the world together, said its media coordinator Sushil Pundit.

Nearly 500 delegates from across five continents have gathered here to cooperate and collaborate globally and help each other with market access, technology, innovation, and competitively priced capital for success in business.

Read more at:
http://economictimes.indiatimes.com/articleshow/55508455.cms?from=mdr&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Benami properties, gold next: PM Modi

In an emotional speech, Modi talks about 50 more days of pain; claims ‘powerful enemies’ out to ‘destroy’ him

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PM Narendra Modi delivering a speech at Karnataka Lingayat Education Society Centenary Celebrations in Belgaum
Prime Minister on Sunday received standing ovation from audiences in Goa and Karnataka as he shed tears justifying his government’s efforts, which have been criticised for mismanagement.

 

These were his first speeches since last Tuesday when he addressed the nation to declare that the old series Rs 500 and Rs 1,000 would be illegal tender. On Sunday, Modi announced the next step in his war on “black money” and would be a crackdown on benami properties.

 

Modi said his government intended to end conversion of into gold.

 

Ridiculing Congress Vice-President Rahul Gandhi for queuing up at an ATM kiosk, he said he would expose the shady financial pasts of those opposing the move. He also said he would reveal the names of members of Parliament who had asked him not to levy excise duty on jewellers.

 

In a voice choked with emotion, Modi said in Goa he had made enemies who “will not let me live”. “But I ask the people of the country to help in this fight against for the next 50 days,” he said, adding should the scheme fail, people could do whatever they thought fit with him.

 

Without identifying the “enemies of the drive” the prime minister sent out a strong warning to them, “If you haven’t realised what I am made of, then do now… I will dig into your records dating back to when India achieved its independence. I will give jobs to 100,000 youths and ask them to do this work.”

 

Referring to Rahul Gandhi, the Prime Minister said those who oversaw 2G and coal scams were now standing in queues to withdraw Rs 4,000. He also said people were not rattled by rumours of scarcity of salt.

 

Modi also said the 2016-17 Budget did away with the tax on use of plastic money with the objective of moving towards a cashless society.

 

But crucially, amid reports that the move has disrupted business and people are facing hardships, Modi attempted to correct the discourse. “The gains of this move would outweigh the pain,” he said, at the centenary celebration of an education society in Belgaum.

 

Opposition parties on Sunday said they would raise the issue in Parliament during the winter session that begins Wednesday. Delhi Chief Minister Arvind Kejriwal claimed was a “big scandal” and the Seventh Pay Commission arrears component was too small to explain the huge surge in bank deposits in the last quarter.

 

Earlier at the foundation stone laying ceremony of a greenfield airport at the Mopa plateau in Goa, the PM said: “This (demonetisation) isn’t the end. This isn’t a full stop, I declare,” the.

 

He said was a “secret operation” by his government that took 10 months to plan by a “small and trusted group” of people.

 

In over an hour long speech where Modi was overcome by emotion more than once, Modi said bureaucrats in Delhi have benami flats in Goa. He said his government has passed a law that has enabled it to crackdown on such properties.

 

Parliament passed the Benami Transactions (Prohibition) Amendment Act, 2016, in the monsoon session earlier this year. The amended law prescribes seven-year rigorous imprisonment for those dealing in in the real estate sector and also confiscation of benami properties.

 

The PM, digressing a little from the issue of black money, also indicated that a war wasn’t a probability. There has been speculation that India-Pakistan relations could lead to a border conflagration after the Indian Army’s “surgical strike” on terror launch pads on the Line of Control on September 29.

 

“I was recently talking to a journalist who brought up the possibility of war. I told him what a war could entail. How electricity supply might stop, trains will stop running as railway employees will be pushed into the war effort. He (the journalist) was shocked (at the ramifications),” the PM said. He said it was easy to indulge in talk of waging a war but reality was starker. The PM didn’t mention either Pakistan or “surgical strikes”.

 

The PM said his crackdown on would lead to housing for the poor, education of their children and cheaper medicines for the elderly. He said India’s demographic dividend, where 65 per cent of the population, or over 800 million people, were below 35 years of age and needed opportunities.
India’s Great Bank Note Switch Appears To Be Working – $30 Billion In Rs Deposited In Banks

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India’s PM, Narendra Modi, surprised and even shocked many when he announced that Rs 500 and 1,000 notes would no longer be legal currency. This is some 86% of the entire cash money supply of the country. There would be a pause and obviously no little chaos as replacement notes of different design were made available. The aim was and is to clamp down on India’s severe problem with “black money.” This is not just about transactions taking place off the books and therefore untaxed–there are also serious concerns about terrorist financing and forgery of the bank notes. By sweeping the current denominations out of use and imposing restrictions on how they may be exchanged for new bills the aim is to clean up this area of the economy.

And so far at least it looks as if it is working. The Ministry of Finance has announced that deposits at the banks have soared:

Indian banks received 2 trillion rupees ($29.8 billion) of cash after the government’s Nov. 8 surprise move to abolish high-denomination banknotes, as customers queued for hours to deposit or exchange the old bills and ATMs ran dry.

With the banned bills accounting for 86 percent of money out of circulation, there is tremendous pressure on the nation’s banking system to replenish the cash. More than 70 million transactions were recorded through midday Nov. 12, the Ministry of Finance said in a statement late Saturday.

That announcement is here:

A total of over 7 crore transactions have taken place from 9th November
upto mid-day of 12th November (i.e. in the last two and a half days) for deposit,
exchange of old notes and withdrawal from ATM and over the counter. Old notes
of Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been
deposited to banks.

Just to emphasise that this wasn’t only about getting money into the banking, and thus tax, net, the Ministry has another press release:

One of the primary objectives of cancellation of legal tender character of
old series of Rs.500/- and Rs.1000/- notes was to check the menace of
terror financing through counterfeit currency notes. The receipt of
counterfeits/fake currency notes in Banks and Post Offices are, therefore,
being monitored very closely.

As I’ve mentioned before I regard this all as having been rather well done. Yes, obviously, there are long lines and no little disruption. Yet small amounts of cash, the sort that might be lying around in a wallet or as an emergency stock, can be changed at the banks into still useful notes. It’s going to be a little more time before the ATM machines are all altered to be able to deal with the new denominations but not that long in a country so large. And larger sums can still be deposited into bank accounts. This isn’t just the straight confiscation of the value represented by those cash bills. Rather, it’s an insistence that the cash must enter the banking, and thus the tax, system. Cash that can be shown to have been legitimately earned and taxed enters the bank system at no further cost in penalty or tax. Cash that has been untaxed must enter said banking system or become worthless–and once recorded in the system the mills of justice will be able to grind slow and small to ensure that it is taxed.

As I mentioned yesterday this all seems to be rather well done, a clever plan. Even if the allegations by Kejriwal were true (which I don’t think they are) that the news was selectively leaked it would still work. Because the way to get around the bank note switch is to deposit into the banks–which is what is the desired result anyway. Got to grant credit to a plan that still works even if it leaks.

Source: http://www.forbes.com/sites/timworstall/2016/11/13/indias-great-bank-note-switch-appears-to-be-working-30-billion-in-rs-deposited-in-banks/#1926da6c78a5

Is Modi Planning to Scrap the Income Tax Completely??

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As we all know that Modi 2 days backs announced the demonetization of 500 and 1000 rupee notes to curb the menace of black money. Anil Bokil who gave the idea to Narendra Modi about scrapping of high denomination notes, belong to an think tank called the ArthaKranti  Sansthan which is a Pune based economy advisory board constituted by a group of charted accountants and engineers.

Arthkranti proposal which was submitted to the finance ministry and PMO received a lot of appreciation which made Narendra Modi to call Anil Bokil for a discussion. The proposal given by the Arthakranti group is said to be a very feasible and practical for a economy like India. It guarantees a solution to the black money problem, price rise, inflation, corruption, fiscal deficit, GDP, industrial growth, terrorism and ultimately good governance.

proposal includes:

  1. Scrapping all 56 different taxes including the painful Income Tax, except import duty.
  2. Scrapping all currency notes with denominations like 1000, 500 and even 100.
  3. All heavy amount transcation must be made only through DD, cheque, online or electronic banking system.
  4. The maximum amount of cash transaction should be fixed.
  5. The givernmnet should introduce single point taxation system through banking system (transaction tax from 2% to 0.7%).

WHY ARE THESE IMPORTANT

According to statistical report, in India accounts over2.7 Lakh transactions per day and 800 crores annually. But less than 20% of the transaction takes place through banking system and another 80% of transactions is made through cash which is totally un traceable. According to a survey, the Indian population spends on an average of Rs 20 to Rs 50/day, so why do we need a Rs 1000 note?

So what implication will the society have if all 56 Taxes are scrapped??

  1. Consider an official or a salaried person, he would definitely bring home more money, which will increase his capacity of spending and investments.
  2. All commodity rates would drastically reduce, especially petrol and diesel will be reduced by 35-52% which will reduce the petrol prices to Rs 25-30/lt.
  3. There will be no option for tax evasion, so there will be no question of black money generation.
  4. Business sector, start-ups and entrepreneur sector will be boosted and people would invest generously in business.

Banning High Denomination Currency Notes

  1. Using cash for high amount transaction will be completely stopped.
  2. There will be no chance for black money generation since no one would have the time and patience to pay huge money in 10s and 20s.
  3. The main reason behind the skyrocketing prices of properties is the black money market. Jewellery, land, house are all bought using black money in cash. So banning high denomination notes will reduce the prices by more than half. People will not be able to buy property for high value showing low registry prices.
  4. Terrorists who receive huge funds through cash will be stopped. Kidnapping for money, harassment, bribery will all be stopped.
  5. Circulation of fake currency will be stopped, as fake currency printing for low value notes is not feasible.

As of now, the total amount of tax collected accounts to less than 3,000 crore which is not even qual to one year budget of Indian army, where as scrapping Income tax will generate more revenue as people will invest more. The government need not have separate Income Tax department which would save huge money.

If these measures are taken rights away….Prices of all goods and commodities will come down drastically, salaried people will get more money in hand, purchasing power of people will be doubled, demand will  be boosted which will simultaneously increase the industrial production resulting in more job opportunities.

The government will get huge revenue which can be well utilized. People will get cheaper loans and interest rates will be down. Society will be freed from all burdens and anti social elements, robbery and theft will reduce completely. Prices of land and all properties will come down.

It has been said that the government has considered these suggestions seriously and are planning the options for implementation. So there is a possibility that some of these reforms will be implemented at appropriate time.

The economy will be definitely boosted and the Indian Rupee will gain huge value in the global market. More than anything, politicians will have no chance to stack thousand of crores illegal money for votes. It will overall clean the society.

It is not impossible to change India, right approach and by addressing the root cause of the problem we can definitely free India from the decades old problem of corruption. Simple steps can make big impact, all we need is the will to make India the Global Power!

 

source: http://postcard.news/F29Oz

‘Hiroshima-Nagasaki’ Moment for Hawala Market, Black Money Nuked: Experts

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Has Prime Minister Narendra Modi’s surgical strike on black money and counterfeit currency dealt a death blow to the illegal Hawala racket?

Well, if initial reports are anything to go by, the illegal chain of money transfer that operates on trust-based human networks across national borders, is bleeding profusely since the Tuesday night announcement by PM scrapping existing denominations of notes Rs 500 and Rs 1000.

“It’s a Hiroshima-Nagasaki moment for them. They are stunned. They don’t know what has hit them. In one stroke, the PM has nuked India’s parallel economy,” a top intelligence officer who has been tracking the Hawala network for years told News18.

A variety of police officers, chartered accountants and businessmen that News18 spoke to for this story said the major Hawala networks in Mumbai, Ahmedabad, Surat and Delhi are frozen since Tuesday night since the surprise government move. Shops that are actually fronts for illegal money transfer business stayed closed on Wednesday morning unable to handle calls from anxious clients.

According to a conservative estimate, the size of the Hawala market in India is close Rs 2 lakh crore. Security agencies have long been suspecting that a good portion of the Hawala proceeds is routed to fund terror activities in various parts of India. Intelligence agencies believe that of late Hawala money has been playing havoc in Kerala and Karnataka where the terror money has helped launched a slew of new outfits aligned to global Islamist terror groups in these hitherto peaceful states.

“A lot of money is sent abroad using this route. The scrapping of Rs.500 and Rs.1000 currency notes has ended several businesses. They are literally on the roads. Many Hawala operators are left with several hundred crores in cash. What will they do with it?” said a Mumbai-based businessman who deals in export and import business.

His words were echoed by another businessman in Bengaluru who said all Hawala transaction stopped within an hour of PM’s speech. “A lot of outsiders invest in Bengaluru real estate and about 50% money comes through Hawala. That has now stopped. The property prices will fall sharply in the coming days. It can even lead to distress selling. It is the best time for those who have white money to buy properties,” he said.

According to a top police officer from Karnataka, almost all money meant for terrorism and other anti-India activities enters India through the Hawala route. “In a recent meeting of top Intelligence Bureau (IB) officials we came to know that Karnataka and Kerala receive over Rs 50,000 crore through Hawala. These two states have strong links with the Gulf nations. We hope terrorism activities will be hit hard by this decision,” he said.

According to another person who closely follows India’s black money market, immediately after PM’s speech Hawala operators decided to suspend business for the next three months. Initially, they thought that it was some black money amnesty scheme and assured the people that their money would be paid after three months after deducting 30% of the money. “After Revenue secretary’s clarifications they have realised that it is not an amnesty schemes. I don’t think anyone will get his or her money back” he said.

All security experts agree that Hawala is used for big black market businesses like gold smuggling, real estate, betting, prostitution, drugs etc. All these sectors generate huge cash on daily basis and they may take years to come back to life.

A Mumbai hotelier told News18 that some Hawala operators he personally knew had bought several kilos of gold with the money they had at exorbitant prices after the PM’s announcement.

“But it is a temporary thing. They can’t do it for long. I think they are finished for the time being. It will badly hurt commodities, bullion and real estate market. Already there are no buyers,” he said.

Currently, enforcement authorities bank on the FEMA (Foreign Exchange Management Act) 2000 and PMLA (Prevention of Money Laundering Act) 2002 to tackle Hawala transactions. But these laws had little impact on the thriving business.

With one announcement PM Modi seems to have finished the business for the time being.

 Source: http://www.news18.com/news/business/hiroshima-nagasaki-moment-for-hawala-market-black-money-nuked-experts-1310554.html
4 ways Non Residential Indians (NRIs) can change their 500 and 1000 rupee notes

Indian Prime Minister Narendra Modi in a surprise move on Tuesday night announced high-denomination notes of 500 and 1000 rupees will no longer be legal tender from midnight local time.

 

Indian Prime Minister Narendra Modi in a surprise move on Tuesday night announced high-denomination notes of 500 and 1000 rupees will no longer be legal tender from midnight local time.

“Brothers and sisters, to rid this country of the termite-like corruption and black money, it has become essential to take one more tough step. Starting midnight tonight, that is, on the midnight of November 8, 2016, the current currency notes of denominations of rupees 500 and rupees 1,000, will no longer remain legal tender. These currencies will become legally invalid.”

 

 

This decision and announcement has been described as the boldest attempt yet by any Indian government in history.

 

The move aimed at combating the scourge of black money, corruption and fake currencies that allegedly fund terrorism forced people in India to scurry to petrol pumps and ATMs, as news spread.

This new development has also raised many questions among the huge Indian diaspora living abroad. Many in Australia woke up to this news and were looking for answers as to how could they get their old 500 and 1000 rupee notes converted.

Here are 4 ways you could get your old 500 and 1000 rupee notes converted:

 

1. Carry the cash with you to India:

Many non-residential Indians are scheduled to make their trip to India in coming months. You can carry your old notes to India and you will be able to deposit this into banks or post offices till December 30, 2016.

If you are not travelling this year, you can still change them until March 31, 2017 by furnishing ID proof.

 

2. Use money-exchange in your country:

You could exchange your cash (read old Indian currency notes) at a certified money exchange in your city (this could be commercial private money exchange outlets and your local banks) and change your money into dollars, pounds, or other local currency, and then change it back to rupees when you visit India. You may lose a bit on conversion rate but this is an option, if you are not travelling to India before March 31, 2017.

UPDATE: Certain commercial money exchange outlets have reportedly refused to accept the old 500 and 1000 notes. Kindly check your money-exchange options at your local bank. We will continue to bring you updates as the matter develops.

 

3. Deposit the old notes in your NRO account:

Reserve Bank of India’s (RBI) website has put our FAQs which states that you can deposit your notes into Non-Resident Ordinary (NRO) Savings Account.

RBI

Source: Reserve Bank of India

 

4. Authorise another person in India to deposit the notes:

According to RBI guidelines, if you have old banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch 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)

Rs 500, Rs 1,000 notes banned: Nobody explains it like RBI; 25 things to remember

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The NDA government on Tuesday announced that it is banning use of Rs 500 and Rs 1,000 notes, in its fight against the corruption, fake currency and black money. As soon as the the announcement was made, the Reserve Bank of India came out with a ready reckoner on the government’s move.

Here’s how the central bank explained the whole scheme in most simple terms:

 

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 ₹ 500 and ₹ 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 or at any Head Post Office or Sub-Post Office.

 

3) How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

 

4) Can I get all in cash?

No. You will get upto ₹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 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) ₹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 a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

 

8) What if, if I have only JDY account?

A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

 

9) 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.

 

10) Need I go to my bank branch only?

For exchange upto 4000 in cash you may go to any bank branch with valid identity proof. For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.

In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

 

11) Can I go to any branch of my bank?

Yes you can go to any branch of your bank.

 

12) Can I go to any branch of any other bank?

Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000.

 

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 relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

 

14) Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch 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 banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2,000/- per card per day upto 18th November, 2016. The limit will be raised to ₹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 ₹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) Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.

 

18) Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?

You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

 

19) 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 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.

 

20) 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 bank account. The person so authorised has to come to the bank branch 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)

 

21) I am an NRI and hold NRO account, can the exchange value be deposited in my account?

Yes, you can deposit the OHD banknotes to your NRO account.

 

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

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

 

23) 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.

 

24) 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.

 

25) Where can I get more information on this scheme?

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

Rs 500 and Rs 1000 notes cease to be legal tender from midnight: PM Modi

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Rs 500 and Rs 1000 notes will cease to be legal tender from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation.

Here are highlights from his speech:

– From midnight, the Rs 500 and Rs 1000 will cease to be legal tender.

– The 500 and 1000 Rs notes can be submitted to the post offices and banks from 10th November to 30th December.

– Those who can’t sumbit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration.

– On November 9 and in some places November 10, ATMs will not work.

– For 72 hrs, until Nov 11 midnight special arrangements made. All government hospitals will accept old 500 & 1000 notes.

– RBI’s proposal for new Rs 2000 note has been accepted.

– On November 9, all banks will remain closed for public work.

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Thailand eyes top 30 on ease of doing business ranking

Deputy prime minister for economic affairs Somkid Jatusripitak this week convened a meeting with executives of the Ministry of Finance and representatives of the private sector to discuss Thailand’s economic strengths and weaknesses.

This year, Thailand ranked 46th in the Ease of Doing Business Report issued by the World Bank. The ranking saw Thailand move up three positions from the previous year.

During the meeting, the deputy prime minister urged all responsible agencies to solve red tape issues and revise tax policies. He said the government would hire experts from the World Bank to overhaul the country’s tax structure.

He added the government is determined to put Thailand in the list of top 30 countries for doing business.

Developed by the World Bank, the Ease of Doing Business Index gives investors and businesspersons alike insights into how conducive each country’s regulatory environment is to doing businesses.

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Information and Source
Reporter : Thammarat Thadaphrom Rewriter : Rodney McNeil National News Bureau & Public Relations : http://thainews.prd.go.th

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