Results for Demonetization

Circular Of Bank Employees Federation Of India

October 31, 2017
Circular Of Bank Employees Federation Of India


Demonestisation killed 1.5 million jobs – BEFI

Organise Protest Against Ill Effects of Demonetisation – Bank Employees Federation of India

Circular No. 29/2017

To all Units, office Bearers, CC & GC Members

14.10.2017

Dear comrades,
Demonestisation killed 1.5 million jobs
Hold demonstration in all State Capitals

Demonestisation of currency notes of Rs. 1000 and Rs. 500 was announced on 8th November 2016 and one year is goint to be completed on 7th November next after the announcement made by the Hon’ble Prime Minister going beyond the provisions of Reserve Bank of India Act.

The annual report published by Reserve Bank of India recently reveals that Rs. 15.28 lakhs crores or 99% of Rs. 15.44 lakhs crores scrapped currency notes came back to the system after demonetization. The annual report also stated that only Rs. 16000 crores of demonetised currency was not deposited with the banks.

While announcing demonetization, Govt. boasted it as a fight against black money, funding for terrorists and counterfeit currency but all have fallen flat, With the 99% of currency notes exchanged legally, the question arises, was the demonetization a scheme designed to convert black money into white.

Demonetisation has claimed lives of more than 100 innocent citizen of our country including more than 10 bank employees and officers. The Government is solely responsible for this loss of lives. But the irony of the thing is that the Central Cabinet in a Press communique stated that there has not been any loss of live due to demonetisation.

The claims pronounced at the time of demonetization having been proved to be a hoax and to divert the attention of the common people from the ill effects of demonetization, the Government has taken the move for digitization of the payment system in the interest of fintech companies like Paytm, jio money etc. Such step will have disastrous effect on our banking system.
As per survey report made by Centre for Monitoring Indian Economy (CMIE) demonetization has killed more than 1.5 million jobs.

Centering round demonetization we organised several programs in the last year. In the backdrop of Government’s move to divert the attention of the people from the damage caused to our economy and the interest of the common people particularly the workface in the informal sector, we feel it duty bound to raise our voice of protest once again against the ill effects of demonetization.

As decided in our last Central Committee meeting held in Delhi, we call upon our units to organise protest demonstrations/rallies/meetings in all State capitals and major centres on a day falling between 8th November to 15th November 2017 as per local convenience.

With greetings,

Yours comradely,
sd/-
(PRADIP BISWAS)
GENERAL SECRETARY

Source: www.befi.in
Circular Of Bank Employees Federation Of India Circular Of Bank Employees Federation Of India Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on October 31, 2017 Rating: 5

Chief Ministers Committee Initiative To Promote Digital Payments

April 11, 2017
Chief Ministers Committee Initiative to promote Digital Payments



Pursuant to the Government initiative to promote digital payments, NITI Aayog vide order dated on 30th November 2016 constituted a Committee of Chief Ministers with Shri Chandra Babu Naidu, Hon’ble Chief Minister of Andhra Pradesh as the Convener for suggesting measures to seamlessly enable all sections of the population to migrate to the digital mode of payment as well as to recommend measures that would enable India to leapfrog into the advanced digital payment systems that compares with the best global standards.

The Committee is composed of the following members:

1 Shri Chandrababu Naidu, Hon’ble Chief Minister of Andhra Pradesh – Convener
2 Shri Naveen Patnaik, Hon’ble Chief Minister of Odisha – Member
3 Shri Shivraj Singh Chouhan, Hon’ble Chief Minister of Madhya Pradesh – Member
4 Shri Pawan Kumar Chamling, Hon’ble Chief Minister of Sikkim – Member
5 Shri V. Narayanasamy, Hon’ble Chief Minister of Puducherry – Member
6 Shri Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra – Member
7 Shri Arvind Panagariya, Vice- Chairman, NITI Aayog – Member
8 Shri Amitabh Kant, CEO, NITI Aayog – Member Secretary
9 Shri Nandan Nilekani, former Chairman, UIDAI – Special invitee
10 Shri Janmejaya Sinha, Chairman, Boston Consulting Group – Special invitee
11 Shri Rajesh Jain, Managing Director, netCORE – Special invitee
12 Shri Sharad Sharma, Co-founder, iSPIRIT – Special invitee
13 Dr. Jayant Varma, Professor (Finance), IIM (Ahmedabad) – Special invitee
The Terms of Reference of the Committee are as under:

(i) The Committee shall identify the global best practices for implementing an economy primarily based on digital payment and examine the possibility of adoption of these global standards in the Indian context;

(ii) The Committee shall identify and outline measures for rapid expansion and adoption of the system of digital payments like cards (Debit, Credit and pre-paid), Digital-wallets/ E-wallets, internet banking, Unified Payments Interface (UPI), banking apps etc. and shall broadly indicate the road map to be implemented in one year;

(iii) It shall evolve an action plan to reach out to the public at large with the objective to create awareness and help them understand the benefits of such a switchover to digital economy;

(iv) It shall prepare a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions;

(v) Identify and address bottlenecks and indicate solutions pertaining to adoption of the steps required to move towards a digital payments economy;

(vi) Associate the key stakeholders for implementation of the suggested steps towards a digital payments economy;

(vii) Delineate and adopt measures evolved by the Committee of Officers constituted for the purpose;

(viii) Examine and address any other associated issues which are not specifically mentioned herein. The Committee may devise its own procedures for conducting business/ meetings/ constitution of sub-groups, etc.

The Committee of Chief Ministers submitted its interim report to Hon’ble Prime Minister on 24th January 2017. The committee made recommendations on (i) Setting up of target and monitoring mechanism; (ii) Expanding technical infrastructure for digital payments; (iii) Increasing supply of acceptance infrastructure; (iv) Necessary institutional, policy, regulatory changes to ease adoption of digital payment; (v) Incentivize digital transactions; (vi) Strengthening security in digital payments and (vii) Targeting specific segments for quick results. The Report of the Committee is available on the website address http://niti.gov.in/content/interim-report-committee-cms-digital-payments.

This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.

Source: PIB News
Chief Ministers Committee Initiative To Promote Digital Payments Chief Ministers Committee Initiative To Promote Digital Payments Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on April 11, 2017 Rating: 5

Today Onwards No Limits On Cash Withdrawal From SB Accounts

March 13, 2017
No Limits on Cash Withdrawal from Savings Accounts from Today

“Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts – RBI”



Cash withdrawal limits from banks removed from today

Keeping up with the pace of re-monetisation, Reserve Bank of India has lifted all the limitations that were placed on cash withdrawals that were placed since November 8th last year.
This means the state of pre-demonetisation in the banks is restored.

Removal of limits on withdrawal of cash from Saving Bank Accounts

In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09, 2016 Reserve Bank had placed certain limits on cash withdrawals from Savings / Current / Cash credit /Overdraft accounts and withdrawals through ATMs. On a review of the pace of remonetisation, Reserve Bank partially restored status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017 respectively. However, the limits on cash withdrawal from Savings Bank accounts continued to be in place.

In line with the pace of remonetisation, it has now been decided to remove the restrictions on cash withdrawals from Saving Bank accounts (including accounts opened under PMJDY) in a two step process as under:

Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and

Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.

Today Onwards No Limits On Cash Withdrawal From SB Accounts Today Onwards No Limits On Cash Withdrawal From SB Accounts Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on March 13, 2017 Rating: 5

Maximum Withdrawals from SB Accounts raised to 50, 000 per week – Reserve Bank

February 08, 2017



Limit on Cash Withdrawals from SB Accounts raised to 50, 000 per week – Reserve Bank

Reserve Bank today announced that the cash withdrawal limits on savings bank account to be raised to Rs 50,000 per week from the existing limit of Rs.24,000 from Feb 20.

And also the limits on cash withdrawals from savings bank account would be removed from March 13.
Maximum Withdrawals from SB Accounts raised to 50, 000 per week – Reserve Bank Maximum Withdrawals from SB Accounts raised to 50, 000 per week – Reserve Bank Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on February 08, 2017 Rating: 5

Involvement of bank officials in money laundering during post monetization

February 07, 2017


Involvement of bank officials in money laundering during post monetization

Press Information Bureau 
Government of India
Ministry of Finance

07-February-2017 16:30 IST

Involvement of bank officials in money laundering during post monetization

Enforcement Directorate has intimated that bank employees have been found indulging in money laundering and other unfair practices during the phase of demonetisation and that the investigations have been initiated under the provisions of Prevention of Money Laundering Act (PMLA), 2002 against certain bank officials of various banks during post demonetization. The act provides for attachment of property as well as prosecution of the accused involved in money laundering.

Further, as part of their staff accountability mechanisms, on the basis of prima facie involvement in irregularities relating to demonetisation, Public Sector Banks (PSBs) are so far reported to have placed 156 officials under suspension and to have transferred 41 officials. PSBs are also reported to have filed 26 cases with Police/CBI wherever criminal cases are involved. In respect of Private Sector Banks, Reserve Bank of India (RBI) has informed that 11 employees have been placed under suspension where bank employees have been found involved in ‘irregular exchange of transaction’ of Specified Bank Note (SBN) during the phase of demonetization. RBI has further informed that the banks have initiated internal investigation and complaints have been filed with police/CBI.

Whenever a complaint against a bank official(s) is received and any irregularities are found or observed on the part of Banks’ official (s), the Banks initiate action as per their extant rules and commensurate punishment is awarded to the delinquent employees based on the seriousness of the wrongdoings as per Bank’s disciplinary rules.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.
Involvement of bank officials in money laundering during post monetization Involvement of bank officials in money laundering during post monetization Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on February 07, 2017 Rating: 5
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