Instructions regarding No Limit for Withdrawals in Post Offices as per RBI relaxation

Instructions regarding No Limit for Withdrawals in Post Offices as per RBI relaxation

Respected Sir/Madam,

Please find attached the RBI Notification regarding relaxation in the limit of withdrawal of cash from bank deposit accounts. The instructions of RBI stipulates that withdrawals may be allowed for deposits made in current legal tender notes on or after 29.11.2016 beyond the current limits preferably, available higher denomination bank notes of Rs. 2000/- and 500/- are to be issued for such withdrawals. 

This instructions of RBI is applicable only for those depositors who deposits valid legal tender notes and seeking withdrawal, for whom the current limit of (Rs. 24000/-) is relaxed. 

The following are the procedure to be followed:-

1.The withdrawal exceeding the current limits may be allowed only in the home SOL of the account holder.

2.The Finacle application should validate the withdrawals exceeding the limit for those depositors who deposit the current legal tender notes on or after 29.11.2016. For this purpose a Patch needs to be deployed.

3.The counter PA should maintain a separate register for entering details of such deposit transactions.

The proforma of the register is as follows:-

S.No. Date Name of the Account Holder SB Account Number Amount Deposited through current legal tender notes Deno. of legal tender notes Counter PA Sign. PM/SPM/ Counter Supervisor Signature,  Date and amount of withdrawal, if any

4. The depositors who are depositing current legal tender notes on or after 29.11.2016 should write the denomination of currency notes on the pay in slip.

5. After acceptance of deposit by post office, the concerned PA should acknowledge the tendering of currency notes on the back side of the counterfoil of the pay in slip and write the Sl. No. of the entry in above mentioned register.

6. While allowing withdrawal the Counter PA should consult the prescribed Register and make necessary entries for the cash withdrawal from the respective account.

7. Counter PA should maintain the details of cash received and remitted to Treasurer separately for WOS Notes and Current Legal Notes.

CEPT team/FSI vendor is requested to put in place necessary validation by deploying a Patch in Finacle application. Further detail will be intimated in due course. 

In the meanwhile, necessary instructions may be issued to all concerned. 

With regards,

Sachin Kishore

Director (CBS)

Sansad Marg,

Dak Bhavan