- Summary of the important announcement :
- Black money issue, 500 rupees and 1000 rupees banned from Midnight of 8/11/2016.
- ATM's wouldn't work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.
- All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
- ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.
- Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
- No changes in online, card, cheque or any other plastic money transactions.
- 9th November, banks wouldn't be available for public banking services.
- New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
- This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.
- ICAI Accounting Standards Board issued FAQ regarding Dividend Distribution Tax - (03-11-2016).
- Enrolment in GST begins at www.gst.gov.in. Delhi, Haryana, UP, Punjab from 16.12.2016 to 31.12.2016). Gujarat, Maharastra 14.11.2016 to 29.11.2016. ST assessees in Jan 2017.
- Under GST GSTIN generated in phased manner. Already done for 20 lac VAT assessees in 8 states. Others to get later. ST Assessees to get in Jan'17.
- RBI vide Circular No. 15 November 07, 2016 issued instructions regarding External Commercial Borrowings (ECB).
- RBI allowed Indian banks to raise Tier I, Tier II and funds for lending to the infrastructure sector by issuing rupee denominated masala bonds.
- International Accounting Standards Board (IASB) is seeking applications for vacancies in the Board (A) IASB position summary.
- Punjab National Bank invites applications for empanelment as Revenue Auditors by practicing CA Firms, to be submitted by 30.11.2016.