Regarding relaxation in the limit of withdrawal of cash from bank deposit accounts

From: Director (CBS)

Sent: 29 November 2016 18:28

To: All CPMG; CPMG Telangana Circle

Cc: All PMG; All Postal Divisions; DDG (Financial Services); ADG (CBS)

Subject:          Regarding relaxation in the limit of withdrawal of cash from bank deposit accounts

Respected Sir/Madam,

Please find attached the RBI Notification regarding relaxation in the limit of withdrawal of cash from bank deposit accounts. The instructions of RBI stipulates that withdrawals may be allowed for deposits made in current legal tender notes on or after 29.11.2016 beyond the current limits preferably, available higher denomination bank notes of Rs. 2000/- and 500/- are to be issued for such withdrawals.

This instructions of RBI is applicable only for those depositors who deposits valid legal tender notes and seeking withdrawal, for whom the current limit of (Rs. 24000/-) is relaxed.

The following are the procedure to be followed:-

The withdrawal exceeding the current limits may be allowed only in the home SOL of the account holder.

The Finacle application should validate the withdrawals exceeding the limit for those depositors who deposit the current legal tender notes on or after 29.11.2016. For this purpose a Patch needs to be deployed.

The counter PA should maintain a separate register for entering details of such deposit transactions. The proforma of the register is as follows:-

S.No.

Date

Name of the Account Holder

SB Account Number

Amount Deposited through current legal tender notes

Deno. of legal tender notes

Counter PA Sign.

PM/SPM/ Counter Supervisor Signature

Date and amount of withdrawal, if any

4. The depositors who are depositing current legal tender notes on or after 29.11.2016 should write the denomination of currency notes on the pay in slip.

5. After acceptance of deposit by post office, the concerned PA should acknowledge the tendering of currency notes on the back side of the counterfoil of the pay in slip and write the Sl. No. of the entry in above mentioned register.

6. While allowing withdrawal the Counter PA should consult the prescribed Register and make necessary entries for the cash withdrawal from the respective account.

7. Counter PA should maintain the details of cash received and remitted to Treasurer separately for WOS Notes and Current Legal Notes.

CEPT team / FSI vendor is requested to put in place necessary validation by deploying a Patch in Finacle application. Further detail will be intimated in due course.

In the meanwhile, necessary instructions may be issued to all concerned.

With regards,

Sachin Kishore
Director (CBS)
Sansad Marg,
Dak Bhavan

From: adest-odi

Sent: 29 November 2016 12:45

To: PMG Behrampur Region; PMG Sambalpur Region; Phulbani DO; Koraput DO; Kalahandi DO; Aska DO; Berhampur DO; Mayurbhanj DO; Cuttack City DO; Cuttack South DO; Cuttack North DO; Bhubaneswar DO; Balasore DO; Bhadrak DO; Puri DO; Sundargarh DO; Bolangir DO; Keonjhar DO; Dhenkanal DO; Sambalpur DO

Cc: controlroomdte@gmail.com; spocodisha@gmail.com; DDG (Financial Services)

Subject: Withdrawal of cash from bank deposit accounts - Relaxation

Vide DO letter no.116-11/2016-SB dated 17.11.2016 DDG(FS) had advised to visit RBI website and remain updated on any changes communicated by RBI. As such I am directed to request you to follow the RBI guidelines given here under.

(ए.के. रथ / A.K. Rath)

सहायक निर्देशक (स्थापना/योजना)

Asst Director (Est/Plg)

क्रुते चीफ पीएमजी, ओडिशा सर्किल

for Chief PMG, Odisha Circle

Tele : (0674) 2514167

RBI/2016-17/163
DCM.No.1437/10.27.00/2016-17

November 28, 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/ District Central Cooperative Banks

Dear Sir,

Withdrawal of cash from bank deposit accounts – Relaxation

It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.

2. As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager