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RBI plans new payment system to safeguard essential payments against war, calamities [ad_1] The Reserve Bank of India (RBI) has conceptualised a lightweight payment and settlement system (LPSS) that can be operated from anywhere by a bare minimum staff in the event of natural calamities and war. This new payment system will be independent of conventional technologies used for existing ...

Man booked for depositing fake Rs 2,000 notes in bank in Agra [ad_1] (This story originally appeared in on May 26, 2023) AGRA: A man was booked for trying to pass on fake Rs 2,000 currency notes while depositing Rs 2.85 crore at a State Bank of India branch in Agra. An FIR was registered in the city’s Rakabganj police ...

Psbs See Queues As Pvt Banks Turn Cautious [ad_1] (This story originally appeared in on May 27, 2023) MUMBAI: Public sector banks (PSBs) are bearing the brunt of the Rs 2,000 note exchange traffic, with many private bank branches being extra cautious in accepting notes for exchange. Most private sector branches insist on a request slip and proof of identity ...

tcs: Using prepaid forex cards? Still no clarity on 20% TCS [ad_1] (This story originally appeared in on May 27, 2023) CHENNAI: At a time when tour operators are flagging the move to levy 20% tax collected source (TCS) on overseas tour packages, ambiguity prevails over whether foreign currency and prepaid forex cards purchased in authorised full fledged money changers ...

India Post Payments Bank temporarily stops opening of this savings account: Check details [ad_1] India Post Payments Bank (IPPB) has temporarily stopped the opening of New Digital Savings Bank Account through all channels. Individuals can, however, open other savings accounts from IPPB such as Regular savings account, Premium savings account, Basic savings account. According to the IPPB press release, “This ...

Exchange Rs 2000 Notes: Can you exchange Rs 2000 notes at the post office? Here is what the Department of Post says [ad_1] The Reserve Bank of India has decided to stop issuing banknotes with the denomination of Rs 2000 in accordance with its “Clean Note Policy” as stated in its press release dated May 19, 2023. However, the Rs ...

Irdai forms task force to facilitate ease of doing KYC using Aadhaar for policyholders: What will be covered [ad_1] The Insurance Regulatory and Development Authority of India (Irdai) has announced that it is setting up a task force to facilitate ease of doing KYC and allied matters using Aadhaar. The insurance regulator made this announcement via a circular dated May ...

UP govt hikes DA by 4%: How much salary will increase after Dearness Allowance is hiked [ad_1] The Uttar Pradesh government has hiked dearness allowance (DA) for its employees and dearness relief for pensioners by 4% from January 1, 2023. On Tuesday, Chief Minister Yogi Adityanath said it would benefit 16.35 lakh employees and 11 lakh pensioners in UP. The ...

Unclaimed bank deposits: RBI launches campaign to return amount in unclaimed deposits to their rightful claimants [ad_1] The Reserve Bank of India (RBI) has launched a campaign dubbed as ‘100 Days 100 Pays’ with an aim to return the amounts in unclaimed deposits to their rightful owners or claimants. According to the RBI, banks will start the campaign from June ...

Forex cards, travel cards fee should be settled in rupees, not in foreign currency: RBI [ad_1] The Reserve Bank of India (RBI) stated that the charges levied on forex prepaid cards, store value cards, and travel cards payable in India must be denominated and cleared in rupees. According to the RBI notification dated May 9, 2023: “A few Authorised Persons ...