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Sunday, 13 November 2016

Finance Ministry has reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken.


Finance Ministry has reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken.


Government of India
Ministry of Finance
Department of Economic Affairs

 November 13, 2016


Press Release


Today  (13.11.2016) Finance Ministry has  reviewed  the  position  regarding  availability and
distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken are as follows:

1. In the first four days ( from November 10th to 13th , upto 5 pm ) about Rs 3.0 lacs crores of old Rs.500/- and Rs.1000/- bank notes have been deposited in the banking system and about Rs.50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATM’s or by exchange at the counter. Within these four days, the banking system has handled about 18 crore transactions.

2. Coordination is being continuously done by Ministry of Finance with RBI, Banks and Post Offices to make all denomination notes available at all locations.

3. Instructions have been given to the Banks and Post Offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes.

4. Chief Secretaries of the States have been requested to identify the rural pockets, if any, where availability of cash has been a problem and provide all support to the Banks and Post Offices in order to ensure the last mile distribution of small denomination of notes is done through mobile banking vans and Banking Correspondents (BCs).

5. It has been reported that certain business houses viz. Hospitals , Caterers , Tent houses etc. are not accepting Cheques/Demand Drafts and online payment transfer from customers. It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments.

6. Government of Assam has arranged a Mobile Banking Vans with support of Banks and State Government Staff at certain Hospitals for carrying out emergency banking transactions. All Banks have now been advised to arrange mobile banking vans to the extent possible at major hospitals to carry out emergency banking transaction for patients.

7. Banks have been advised to make arrangements for separate queues for Senior citizens and Divyang persons. Separate queues will also be arranged for exchange of cash to cash and transactions against Bank accounts.

8. Government of Arunachal Pradesh has made special arrangements like cash deposits /withdrawal and opening of new bank accounts in the remotely located areas with the help of Banks and State Government staff. State Governments have been requested to facilitate opening of new Bank accounts as a part of financial inclusion programme.

9. The issuance of the new series of Rs.500/- notes has already commenced.

10. Banks have been advised to increase the Business Correspondents limit of dispensing cash to Rs.2500/- for withdrawal from bank accounts.

11. Banks have been advised to increase the exchange limit over the counter from the existing Rs.4000/- to Rs.4500/-.

12. Banks have been advised to increase the Cash Withdrawal limit at ATMs from the existing Rs.2000/- to Rs.2500/- per day in the recalibrated ATMs, other ATMs will continue to dispense Rs.50/- and Rs.100/- notes until they are recalibrated.

13. The weekly limit of Rs.20,000/- for withdrawal from Bank accounts has been increased to Rs.24,000/-. The limit of Rs.10,000/- per day has been removed.

14. Banks have been advised to increase the issuance and use of mobile wallets and debit/credit cards as also to provide them to those customers and establishments not having access to these non-cash means of payment

15. The last date for submission of the annual life certificate for the Government Pensioners which is to be submitted in November every year has been extended up to January 15, 2017.


Press Release Ministry of Finance
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Drastic Reduction of Dearness Allowance (DA) to Central Government Employees, Opted in 7th Pay Scale


Drastic Reduction of Dearness Allowance (DA) to Central Government Employees, Opted in 7th Pay Scale
Dear friends,

As you are aware that 7th Pay Commission has computed 125% DA out of 125.75% due as on 1.1.2016 and 0.75% become due has been ignored. But according to earlier practice/agreement, this 0.75% has to be carry forwarded for calculating DA as on 1.7.2016. If the fraction carries forwarded the actual DA due as on 1.7.2016 shall work out to 3.28%. Thus 3% DA has to be announced in place of present 2% (Order placed in Annexure I) . In this respect secretary staff has written a letter to the government on 06/09/2016. But the government ignored the staff side demand on this matter.

Now the Government of India has issued orders for 7% dearness allowance w.e.f. 1.7.2016 to the employees of Central Government who had exercised option to continue the 6th CPC Pay scale and also the employees of Central Autonomous body to whom 7th pay commission has not implemented as yet (copy of the order enclosed in Annexure II)

In this respect a chart comparing the amount of DA getting to the employees in new and old rates is given in annexure III.

From the above, the demand of the staff side for 3% DA w.e.f. 1.7.2016 is justified. Thus staff side should take up the matter for immediate rectification and also the entirety of central Government should join the 25th December parliament march to achieve the 20 point charter of demands which include grant of 3% DA, increase of minimum pay & fitment formula, immediate implementation of allowances etc.

With greeting

TKR Pillai
Ex General Secretary

DA-Charts-in-Old-and-New-revised-rates_12.11.2016


Source: http://aiamshq.blogspot.in/
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