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RBI Rule from 1st JANUARY 2014 ?

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  • soundararajan50
    replied
    Re: RBI Rule from 1st JANUARY 2014 ?

    "Akrama-Sakrama Bill" Oh What an invention to legalize their inability.The corrupt politicians can never do any thing good for the society they are the cancers of our society. We are mere slaves and puppets in their hands. Endru thaniyum yengal sudanthira dhaham endru madiyum yengal adimaiyin moham?

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  • Brahmanyan
    replied
    Re: RBI Rule from 1st JANUARY 2014 ?

    Dear Sri Sounderrajan,
    Strict enforcement of an enactment requires will power and determination of the enforcement agencies.
    Again a Law should be enforceable enactment. A Law which cannot be enforced due to its inherent limitations is not a Law at all. This is where the Courts come into the picture.The judicial decisions with the help of legal luminaries decide the efficacy of any Law. For instance in Bangalore almost 90% of Buildings constructed
    today violate Building Construction laws. When the Courts asked the BBMC to implement the law by demolishing such deviations, the Government openly accepted their helplessness to initiate huge task,involving huge amount of money, instead came with the suggestion to regularise the deviations by levying fines. Interestingly the Bill for regularisation is called "Akrama-Sakrama Bill" came into force early this month.
    Akrama-Sakrama Bill comes into force - The New Indian Express

    Regarding Smoking, if the Government is serious about saving the public from the effects of Smoking, all they have to do is to ban growing of Tobacco, instead of these printed warning on the packets. No Government has done this in the World. Same applies to Drinking. Except Gujarat, no other State has prohibited intoxicants.Tamil Nadu which was pioneer in introducing Prohibition at one time now extended the patronage of Government in marketing liquor.

    Regards,
    Brahmanyan,
    Bangalore

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  • soundararajan50
    replied
    Re: RBI Rule from 1st JANUARY 2014 ?

    Its a very valuable information Sir. If it is true we have to be very careful if we receive such notes from ATM what would be our condition?

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  • Brahmanyan
    started a topic RBI Rule from 1st JANUARY 2014 ?

    RBI Rule from 1st JANUARY 2014 ?

    RBI Rule from 1st JANUARY 2014 ?
    I got the following forwarded mail :

    http://www.mcxcontrol.com/2013/09/09/rbi-rule-1st-january-2014-bank-accept-written-currency-note/

    RBI RULE FROM 1st JANUARY 2014. NO BANK WILL ACCEPT ANYTHING WRITTEN ON CURRENCY NOTE
    HEMANT
    September 9, 2013
    RBI RULE FROM 1st JANUARY 2014. NO BANK WILL ACCEPT ANYTHING WRITTEN ON CURRENCY NOTE.
    CAN NOT ALSO DEPOSIT THAT NOTE IN BANK.

    I am not sure whether this is true. Even if such a rule is there it will be difficult to enforce it with out giving proper guide lines to the public as to what should we do with such currency notes already with us, If it is not a legal tender in the Bank,I am afraid such a circular will create panicky reaction from the Public rushing to Banks to deposit all the Currency Notes on hand.
    I checked up the RBI net, I couldn't find any specific circular to that effect issued in recent times, except the one prohibiting writing political messages on the Rupee currency.

    RBI/2013-14/91 DCM (NE) No. G - 4/08.07.18/2013-14 /July 01, 2013
    7. Notes bearing slogans / political messages, etc.
    Any note with slogans and message of a political nature written across
    it ceases to be a legal tender and the claim on such a note will be
    rejected under Rule 6(3) (iii) of Reserve Bank of India (Note Refund)
    Rules, 2009. Similarly, notes which are disfigured may also be
    rejected under Rule 6(3) (ii) of Reserve Bank of India (Note Refund)
    Rules, 2009

    I give below the URL of RBI Master Circular issued dated 1st July 2013

    Reserve Bank of India

    From the Circular, it seems RBI updates its instructions on various subjects relating to its operations by issuing Master Circulars, which is helpful.

    I request our members to clarify further if they know more on the subject.

    Brahmanyan,
    Bangalore.
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