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  1. WEEKLY FINANCIAL SNIPPETS- 26/11/2016 1. POST –DEMONETIZATION EFFECTS: A) PAN REQUIRED IF COMBINED CASH DEPOSITS EXCEED Rs.2.5LAKHS TILL DECEMBER 3Oth : The limit for cash deposit in an account is less than Rs.50000/- per transaction per day without PAN card. But now the government has announced that cash deposits made between 8th November to 30th December will require PAN proof if the combined deposits cross Rs.2.5 lakhs. B) SUSPECT CASH DEPOSITS WILL ATTRACT IMPRISONMENT:The I-T department has warned people that if it is found that they are depositing their unaccounted money in someone else’s account, they will be charged under the Benami Transactions Act that carries penalty, prosecution and rigorous jail term. C) RBI GIVES BORROWERS 60 MORE DAYS TO REPAY LOANS:The reserve Bank of India has allowed banks, District cooperative banks and NBFCs to retain “Standard” asset classification on loans up to 1 crore for another 60 days from the date it would have turned non- performing(NPA). D) RBI SETS STIFF RIDERS FOR Rs.2.5 LAKH WITHDRAWALS FOR WEDDINGS: The RBI has permitted banks to allow withdrawals up to 2.50 lakhs for wedding purpose but with stiff riders. It says the money can be withdrawn only from the credit balance prevailing in the account before 8th November. Further it states that such cash withdrawals should be used only to make payments to those who do not have any bank account and names of such recipients should be mentioned at the time of withdrawal. E) RBI BALANCE SHEET MAY TAKE A HIT: All the banks are parking their accumulated cash with the RBI and this will have a negative impact on RBI balance sheet. RBI is already strained at meeting the pressure of supplying fresh notes to banks. RBI could be running out of enough securities to offer to banks against heavy cash deposits and experts say that the RBI now urgently needs policy measures to protect the financial stability of its books. F) MUTUAL FUNDS EXPECT HUGE INFLOWS FROM RETAIL INVESTORS: Due to the demonetization which will ease inflation, and which has already resulted in reduction in bank deposit interest rate, the Mutual Fund industry is preparing for a huge inflow of funds as it may lead to investors to tap investment avenues like mutual funds. G) FOREX SALE DECREASES OVER 50%: Demonetization has led to an overall downslide in average overall forex sales following a sharp crunch of foreign currency supply in the market. 2 AIRTEL LAUNCHES INDIA’S FIRST PAYMENTS BANK: Airtel has rolled out India’s first payments bank from Rajasthan. After getting its licence from RBI, Airtel has entered into an MOU with Kotak Mahindra Bank. Airtel is offering 7.25% interest on savings bank accounts. The account will be fully digital and paperless. It will not issue any ATM/debit cards to its account holder but will allow cash withdrawals from its designated Airtel retail outlets.
  2. Customers with an Airtel mobile connection will have the mobile number as their account number.