Withdrawal of Legal Tender of Specified Notes– Cash withdrawal for the purpose of celebration of wedding allowed upto Rs.250000

With a view to enable members of the public to perform and celebrate weddings of their wards, it has been decided to allow higher limits of cash withdrawals from their bank deposit accounts to meet wedding related expenses. Yet, branches should encourage families to incur wedding expenses through non-cash means viz. cheques/drafts, credit/debit cards, prepaid cards, mobile transfers, internet banking channels, NEFT/RTGS, etc. Therefore, customers should be advised, while granting cash withdrawals, to use cash to meet expenses which have to be met only through cash mode.

Cash withdrawals shall be subject to the following conditions:

 i. A maximum of Rs.250000/- is allowed to be withdrawn from the bank deposit accounts till December 30, 2016 out of the balances at credit in the account as at close of business on November 08, 2016.

ii. Withdrawals are permitted only from accounts which are fully KYC compliant.

iii. The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.

iv. Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw).

v. Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account. 

The application for withdrawal shall be accompanied by following documents:

(a) An application on the prescribed format.

(b) Evidence of the wedding, including the invitation card, copies of receipts for advance payments already made, such as Marriage hall booking, advance payments to caterers, etc.

(c) A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account.

The list should indicate the purpose for which the proposed payments are being made.

Banks shall keep a proper record of the evidence and produce them for verification by the authorities in case of need. The scheme will be reviewed based on authenticity/bona fide use thereof. 

DA payable to employees for the Qtr. Nov. 16 to Jan. 2017 shall be 478 slabs i.e. an increase of 23 slabs from the current level

In terms of clause 7 of the 10th Bipartite Settlement dated 25.05.2015 and clause 3 of the Joint Note dated 25.05.2015, the rate of Dearness Allowance payable to workmen and officer employees for the quarter November 2016 to January 2017 shall be 47.80% of ‘Pay’ against 45.50% of ‘Pay’ applicable for the previous quarter. 

We are giving below the price index figures: -

                                                July   2016                  6391.25 (280)*

                                                Aug.  2016                 6345.60 (278)*

                                                Sept.  2016                6322.77 (277)*                                                                                             

Average Price Index 6353.20 (6352)                            (478 Slabs)               

D.A. Rate (for all Staff): 47.80% of Pay (Basic Pay + Spl. Pay + P.Q.P.)                         

*Consumer Price Index figure as per new Base of 2001=100

Booking of Holiday Home at New Delhi has temporarily been stopped w.e.f. 27.11.2016 due to renovation work for 2 months

The booking of Holiday Home at New Delhi has temporarily been stopped w.e.f. 27.11.2016 due to renovation work, which is estimated to be completed within two months. Hence, booking of holiday home shall not be available for existing/retired staff members from 27.11.2016 onwards, till further instructions.

(Ref.: HRMD Circular No. 327/2016 dated 03.09.2016)