With effect from Friday individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against Rs 4,500 earlier, only once till December 30.
In a major relief for millions queuing up outsides banks and ATMs for cash, petrol pumps across the country will start dispensing a sum of Rs 2,000 cash per person per day.
Retirement fund body EPFO has asked its over 120 field offices to settle death claims within 7 days and retirement PF claims on the day of superannuation.
Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said Thursday.
Reserve Bank has asked income tax assessees to pay their dues in advance for December quarter and has designated a total of 29 banks at which the payments can be done.
Finance Minister Arun Jaitley on Thursday ruled out any move by the government to roll back demonetisation and said it was a very well-planned and executed exercise.
Largest private lender ICICI Bank and HDFC Bank cut their deposit rates by up to 0.25 percent while Kolkata-based United Bank of India did it for short-term deposits by 1 percent.
Lauding Prime Minister Narendra Modi's demonetisation decision, Microsoft founder Bill Gates has said it is a "bold move" and will deflate India's shadow economy.
Demonetisation drive by the government is a great step forward towards removing many bottleneck operations including cash-on-delivery in the Indian e-commerce market, said Facebook Managing Director (India) Umang Bedi on Thursday.
The Reserve Bank on Thursday asked people not to hoard currency as there is sufficient supply of notes, even as banks struggled to manage the rush of people thronging branches across the country to exchange the scrapped high denomination 1,000 and 500 rupee notes.
FM Jaitley also took stock of the prevailing situation in the country in the wake of demonetisation of Rs 1000 and Rs 500 notes and found that the situation of over-crowding is slowly normalising.
DEA Secretary Shaktikanta Das, addressing a press conference in the National capital, made several announcements today --Here are 10 big developments.
Even as government looked at ways of augmenting supply of new 2000 and 500 rupee notes, which have been introduced in place of the scrapped older higher denomination Rs 500/1000 notes, government has decided to reduce exchange limit allowed per person.
Coming to the rescue of the farmers who are facing huge cash crunch following PM Modi's decision to demonetise the high value currency notes, Finance Ministry on Thursday said that they can draw upto Rs 25,000 a week.
Reserve Bank of India, Bhubaneswar has said new Rs 500 notes will be available in different bank counters across Odisha from Thursday and urged people to ignore rumours on circulation of fake Rs 10 coins.
Flush with cash due to the demonetisation exercise of the government, State Bank of India (SBI) today slashed fixed deposit rates on select maturities by up to 0.15 percent.
Currently, the ATM withdrawal limit from savings bank accounts stands at Rs 2,500 a day, but most ATMs are dispensing only Rs 2,000 notes or Rs 100.
Seeking to dispel rumours making the rounds, the government Wednesday said there is no intention to demonetise Rs 100 and Rs 50 notes.
RBI Wednesday asked banks to ensure customers submit a copy of PAN card for any cash deposit exceeding Rs 50,000, if it is not already seeded with the account, to ensure tax rule compliance in the wake of the recent decision to abolish Rs 500 and Rs 1,000 notes.
Private sector Axis Bank on Wednesday announced a cut in its marginal cost of fund-based lending rate (MCLR) by 0.15-0.20 percent effective coming Friday.