Page 50 - Banking Finance JANUARY 2017

RBI CIRCULAR

PD.No.316/ 02.10.002/ 2014-2015 dated August 14, withdraw Rs 10,000/- from their account, in a month. The
2014 on rationalisation of number of mandatory free branch managers may allow further withdrawals beyond Rs
ATM transactions for savings bank account customers 10,000 within the current applicable limits only after
for transactions done at their own bank ATMs as well ascertaining the genuineness of such withdrawals and duly
as at ATMs of other banks. A reference is also drawn documenting the same on bank's record.
to Circular No.DCM (Plg) No.1226/10.27.00/2016-17
dated November 08, 2016 on the withdrawal of legal Limited or Non KYC compliant account holders may be
tender characteristics of existing Rs 500/- and Rs 1000/ allowed to withdraw Rs 5,000 per month from the amount
- Bank Notes (Specified Bank Notes - SBN) and Circular deposited through SBNs after November 09, 2016 within
RBI/2016-17/111 DPSS.CO.PD.No./02.10.002/2016-2017 the overall ceiling of Rs 10,000.
dated November 8, 2016 on, inter alia, closure of ATMs
and waiver of charges on withdrawals from ATMs till Yours faithfully,
December 30, 2016. (P Vijaya Kumar)
2. In this regard, it has been decided that banks shall Chief General Manager
waive levy of ATM charges for all transactions (inclusive
of both financial and non-financial transactions) by Withdrawal of Legal Tender Character of
savings bank customers done at their own banks' ATMs existing Rs. 500/- and Rs. 1000/- Bank
as well as at other banks' ATMs, irrespective of the Notes (Specified Bank Notes) - Deposit of
number of transactions during the month.
Specified Bank Notes (SBNs) into bank
3. This waiver is applicable on transactions done at ATMs
from November 10, 2016 till December 30, 2016, accounts
subject to review.
RBI/2016-17/189
4. The directive is issued under Section 10(2) read with DCM (Plg) No. 1859/10.27.00/2016-17
Section 18 of Payment and Settlement Systems Act
2007, (Act 51 of 2007).
Dear Sir,
Please refer to Circular DCM (Plg) No.1226/10.27.00/2016-
Yours faithfully 17 dated November 08, 2016 on the captioned subject. On
(Nanda S Dave) a review of the provisions ii, iii and iv at C of Para 3 dealing
Chief General Manager with credit of the value of SBNs into bank accounts it has
been decided to place certain restrictions on deposits of
Accounts under PMJDY - Precautions SBNs into bank accounts while encouraging the deposits of
the same under the Taxation and Investment Regime for
RBI/2016-17/165
the Pradhan Mantri Garib Kalyan Yojana, 2016 as indicated
DCM (Plg) No. 1450/10.27.00/2016-17 below:

Dear Sir, Tenders of SBNs in excess of Rs 5000 into a bank account
Please refer to our circular DCM (Plg) No.1424/10.27.00/ will be received for credit only once during the remaining
2016-16 dated November 25, 2016 on "Withdrawal of cash period till December 30, 2016. The credit in such cases shall
- Weekly limit". With a view to protect the innocent farmers be afforded only after questioning tenderer, on record, in
and rural account holders of PMJDY from activities of money the presence of at least two officials of the bank, as to why
launders and legal consequences under the Benami Property this could not be deposited earlier and receiving a
Transaction & Money Laundering laws, it has been decided satisfactory explanation. The explanation should be kept on
to place certain limits, as a matter of precaution, on the record to facilitate an audit trail at a later stage. An
operations in the PMJDY accounts funded through deposits appropriate flag also should be raised in CBS to that effect
of Specified Bank Notes (SBNs) after November 09, 2016. so that no more tenders are allowed.
As a temporary measure, the banks are advised to observe
the following in respect of the PMJDY accounts: Tenders of SBNs up to Rs 5000 in value received across the
counter will allowed to be credited to bank accounts in the
Fully KYC compliant account holders may be allowed to normal course until December 30, 2016. Even when tenders

50 | 2017 | JANUARY | BANKING FINANCE

Copyright@ The Insurance Times. 09883398055 / 09883380339