Reference rate for US dollar published; exchange rates for major currencies and SDR linkage updated accordingly.
The Reserve Bank of India publishes an official daily reference rate for the US dollar and, using cross currency middle rates, supplies corresponding rupee exchange rates for the euro, pound sterling and yen; the statement also cites the prior day's reference rate for comparison and specifies that the SDR Rupee rate will be based on the published reference rate.

Government bond auction procedures: competitive and non-competitive bids accepted electronically with allocation rules and settlement timelines.
Re-issuance of Government securities will be conducted by the Reserve Bank of India through price-based auctions using the multiple price method; results and settlement instructions will be announced and payment collected from successful bidders. Up to a defined portion of each notified amount is reserved under the Non-Competitive Bidding Facility. Both competitive and non-competitive bids must be submitted electronically on the RBI Core Banking Solution (E-Kuber) within prescribed submission windows, and the stocks are eligible for When Issued trading under RBI guidelines.

Cash withdrawal limits restored for current and ATM withdrawals while savings account limits remain under consideration.
The Reserve Bank withdraws limits on cash withdrawals from Current accounts, Cash credit accounts and Overdraft accounts with immediate effect; limits on Savings Bank accounts remain in force and are under consideration for withdrawal. ATM cash withdrawal limits are withdrawn from February 01, 2017, but banks may maintain their own pre-existing discretionary operating limits, subject to the continuing position on Savings Bank accounts.

Financial inclusion expanded through payments bank launch enabling doorstep basic banking and payments services nationwide.
India Post Payments Bank is a wholly government-owned entity under the Department of Posts created to expand financial inclusion by providing basic financial services as a payments bank. Its operations, per RBI mandate, include payments, social security and utility disbursements, person-to-person remittances, deposit accounts within prescribed limits, distribution of insurance, mutual funds and pension products, and acting as business correspondent for credit delivery. District-headquarter branches will map post offices as access points and use postal personnel and agents to provide doorstep banking supported by internet, mobile banking and digital wallets.

Cash withdrawal restrictions partially lifted; ATM and current account limits removed while savings limits remain.
The Reserve Bank withdrew ATM cash withdrawal limits and removed all limits on withdrawals from current accounts, cash credit accounts and overdraft accounts effective February 1, 2017, while savings bank withdrawal limits remain in force for the present and are under consideration for withdrawal depending on remonetisation progress. Banks may set their own ATM limits as prior to the November 8 currency changes, and were urged to encourage digitisation and non-cash payments.

Reference rate guides conversion of major currencies and SDR into rupee under the published exchange framework.
The Reserve Bank of India publishes a daily Reference Rate for the US Dollar which benchmarks derived rupee exchange rates for euro, pound sterling and yen calculated from the US Dollar reference and cross currency middle rates. The press release states that the SDR Rupee rate will be based on the published reference rate.

Banking cash transaction tax recommendation reported; government has not taken a final view and will review the proposals.
A committee of Chief Ministers submitted an Interim Report proposing measures to implement digital payment systems, including a recommendation for a Banking Cash Transaction Tax on higher-value cash transactions. The Government has not taken any final decision on these recommendations; the report will be carefully examined and appropriate decisions will be taken in due course.

Reference rate determination: RBI linked cross-currency exchange rates and the SDR Rupee valuation to its US Dollar benchmark.
The Reserve Bank of India published the US Dollar reference rate for January 25, 2017 and the prior day's rate, and, using that reference rate with cross-currency middle rates, provided derived exchange rates for Euro, Pound Sterling and Yen; the SDR Rupee rate is to be based on the published reference rate.

Reference rate for US dollar published, setting cross-currency exchange rates and serving as basis for SDR Rupee valuation.
The Reserve Bank of India published the reference rate for the US dollar and corresponding cross-currency mid rates, setting the rupee exchange rates for the euro, pound sterling and Japanese yen; the SDR Rupee rate is to be based on that reference rate.

Government securities auction: re-issue conducted by price-based multiple-price auction with competitive and non-competitive bids.
Re-issue of multiple Central Government dated securities will be conducted through a price-based multiple-price auction on the RBI E-Kuber platform, permitting both competitive and non-competitive bids; up to 5% of each notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility, with specified bid submission windows, result announcement and a fixed settlement date, and the stocks eligible for when-issued trading in line with RBI guidelines.

Fiscal framework review under the FRBM Act recommends recalibrated fiscal targets and clearer rules for capital spending.
Review of the statutory fiscal framework under the FRBM Act reassessed fiscal rules, institutional arrangements and budgetary practices, recommending recalibration of fiscal targets, clarified treatment of new capital expenditure, and strengthened mechanisms for fiscal discipline. The Committee emphasized stakeholder consultations and considered prior recommendations on expenditure management and institutional architecture, proposing a medium term fiscal roadmap for future budgetary governance.

Reference rate for US Dollar published; cross currency middle rates used to derive euro, pound and yen rupee rates.
The Reserve Bank of India published the Reference Rate for the US Dollar and, using that rate plus cross currency middle rates, derived the rupee exchange rates for the euro, pound sterling and yen; the SDR Rupee rate is specified to be based on that published reference rate.

Wider tax base from demonetisation may increase transparency and make tax evasion more difficult, boosting formal transactions.
Demonetisation brings idle cash into banking channels, enabling widening of the tax base via targeted verification of substantial deposits and making tax evasion more difficult; increased bank liquidity is expected to lower interest rates, enhance credit disbursal toward productive investment, and, together with wider use of non-cash transactions, promote financial transparency and strengthen tax collections.

Authorized banks exclusion: Cooperative banks barred from accepting PMGKDS deposits; only banking companies under the Banking Regulation Act may receive them.
The Scheme requires depositors who declared undisclosed income to deposit not less than twenty-five per cent of that declared income in Bonds Ledger Accounts at authorised banks; Para 7(1) was amended to state that authorised banks are banking companies to which the Banking Regulation Act, 1949 applies, excluding Co-operative Banks from accepting deposits under PMGKDS.

Reference exchange rate for US dollar updated, affecting rupee rates for euro, pound and yen and SDR valuation.
The Reserve Bank of India published the reference rate for the US Dollar on January 20, 2017 and provided the prior day's rate for comparison; using that reference rate and cross-currency middle rates, the RBI reported corresponding rupee exchange rates for the Euro, Pound Sterling and Japanese Yen for January 19 and January 20, 2017, and stated that the SDR-Rupee rate will be based on the reference rate.

Reference rate for US Dollar updated and used to derive EUR, GBP, JPY exchange rates and SDR Rupee rate.
Reference rate for the US Dollar is announced and used as the primary benchmark; the US Dollar rate and the prior day's rate are published and, using middle rates of cross currency quotes, corresponding rupee exchange rates for euro, pound sterling and Japanese yen are provided, with the SDR Rupee rate stated to be based on the published reference rate.

Reference rate for US dollar published; derived exchange rates for major currencies and SDR Rupee linkage announced.
The release issues the daily Reference Rate for the US dollar, compares it with the previous day, and, using the USD reference plus middle rates of cross currency quotes, provides corresponding exchange rates for the euro, pound sterling and yen; it further states the SDR Rupee rate will be based on that reference rate.

Reference rate for foreign exchange establishes rupee conversion for US dollar and sets cross-currency rates.
The Reserve Bank publishes a reference rate for the US dollar as the operative rupee conversion benchmark and uses that rate together with cross-currency middle rates to compute and publish daily rupee exchange rates for euro, pound sterling and yen; the SDR-rupee rate is derived from the published reference rate.

Government bond auction: price based multiple price sale with competitive and reserved non competitive participation.
Price based auctions for re issue of specified Government of India stocks will be conducted by the Reserve Bank of India using the multiple price method; bids must be submitted electronically via the RBI Core Banking Solution (E Kuber) within prescribed windows for non competitive and competitive bids, up to five percent of each notified amount is reserved for eligible participants under the Non Competitive Bidding Facility, results will be announced on the auction date, payment scheduled thereafter, and the stocks will be eligible for When Issued trading in accordance with RBI guidelines.

Withdrawal limits for ATMs and current accounts increased, covering overdrafts and cash credit, effective immediately.
Regulatory directive increases the ATM withdrawal limit per card on a daily basis while keeping it within the existing overall weekly cap, and raises the current account withdrawal limit on a weekly basis, extending the increase to overdraft and cash credit accounts; other conditions remain unchanged and prior relaxations continue.