Wage payment methods expanded to include bank credit and cheque while cash remains allowed, with targeted notifications for establishments.
Amendment will add recognition of bank credit and cheque as permitted modes of wage payment alongside existing cash payment, while retaining cash as an option. Appropriate government notification will specify establishments required to use banking channels. The amendment aims to ensure minimum wages and strengthen social security protection by reducing employer under-reporting that can avoid subscription to social insurance schemes.

FEMA reporting compliance: regulator imposed penalties on five foreign banks for breaches of reporting obligations.
The Reserve Bank imposed administrative penalties on five foreign banks for violations of reporting instructions under the Foreign Exchange Management Act, 1999, exercising powers under Section 11(3) of FEMA after issuing show cause notices, considering written and oral submissions, and concluding that the banks breached reporting requirements.

Reference rate for US dollar establishes exchange rates for major currencies and determines the SDR Rupee valuation.
The Reserve Bank of India's reference rate for the US dollar is stated and, using that reference and middle rates of cross currency quotes, derived exchange rates for euro, pound sterling and yen against the rupee are listed; the SDR Rupee rate is specified to be based on the reference rate.

Reference exchange rate: RBI updates US dollar rate and derived euro, pound, yen rates; SDR rate tied.
The Reserve Bank of India published the reference rate for the US Dollar for December 20, 2016 and, using the US Dollar reference and cross currency middle rates, reported Rupee exchange rates for the Euro, British Pound and Japanese Yen; the release notes the SDR Rupee rate will be based on the published reference rate.

Auction of Government Securities: multiple-price auctions with non-competitive bidding allowed and electronic submission via E-Kuber.
Auctions for multiple Government of India securities will be conducted by the Reserve Bank of India using price-based and yield-based methods under the multiple price method. Both competitive and non-competitive bids are allowed, with up to 5% of notified amounts reserved for eligible participants under the Non-Competitive Bidding Facility. Bids must be submitted electronically via the RBI Core Banking Solution (E-Kuber) within stated time windows; auction results, payment and settlement schedules are announced, and the stocks qualify for When Issued trading per RBI guidelines.

Deposit restrictions on specified bank notes: one-time large deposits require bank questioning and KYC, with exemptions for declared scheme.
Restrictions require that tenders of Specified Bank Notes above Rs.5000 be credited to accounts only once during the remaining period, after on record questioning in presence of two bank officials, recording a satisfactory explanation and raising a CBS flag. Tenders up to Rs.5000 may be credited normally but cumulative exceedances may trigger the same procedure. Full value credits above Rs.5000 must be into KYC compliant accounts; non KYC accounts face limits. Equivalent value may be credited to the tenderer's account or, with specific authorization, to a third party account; deposits under the Taxation and Investment Regime are exempt.

Digital currency supplements reduced cash supply after demonetisation, shaping a new transactional normal and reducing cash-based evasion.
Demonetisation is described as a policy to reduce cash circulation and related economic distortions by curbing unaccounted cash, tax evasion, and criminal use of currency, while a phased remonetisation will inject new currency into banking and postal systems and digital payments will be expanded to supplement a deliberately reduced cash supply.

Reference rate for US dollar set by RBI; cross-currency middle rates determine euro, pound and yen rupee rates.
The Reserve Bank of India published the reference rate for the US dollar and the prior day's rate, and stated that the US dollar reference rate combined with cross-currency middle rates is used to compute the rupee exchange rates for the euro, pound sterling and yen; the SDR rupee rate will be based on this reference rate.

Reference rate publication sets the daily benchmark for rupee exchange rates and determines the SDR rupee conversion basis.
Publication of a Reference Rate for the US dollar establishes the daily benchmark for deriving rupee exchange rates against major currencies. The notice records the US dollar reference rate for 15 December 2016 and, using that reference with the middle rates of cross currency quotes, provides corresponding rupee rates for the euro, pound sterling and yen. It specifies that the SDR Rupee rate will be based on the published reference rate.

Mutual recognition of professional qualifications expands membership and cooperation between Indian Chartered Accountants and Omani banking college.
The Cabinet approved renewal of the MoU between ICAI and CBFS, Oman to continue institutional collaboration to strengthen accounting, financial and audit expertise in Oman, including admission of Omani nationals to ICAI membership, professional training and capacity-building activities to develop mutually beneficial relationships and expand professional opportunities for Indian Chartered Accountants in the Sultanate.

Reference rate for US dollar affects cross-currency exchange quotations and determines the SDR Rupee conversion today.
The communication publishes the reference rate for the US dollar and derived cross-currency exchange rates for the euro, pound sterling and yen, calculated from the US dollar reference using middle rates of cross-currency quotes; it also states that the SDR Rupee rate will be based on that reference.

Banking licence cancellation: central bank denies initiating revocation amid alleged irregularities in specified note transactions.
The central bank clarified it has not initiated any action to cancel Axis Bank's banking licence in response to allegations of irregularities in the deposit and exchange of Specified Bank Notes at certain branches, addressing media rumours of imminent licence revocation.

Reference rate for US dollar updated; cross-currency rupee exchange rates and SDR-Rupee linkage published by central bank.
Reserve Bank of India published the Reference Rate for the US dollar and, using that reference together with cross-currency middle rates, stated the rupee exchange rates for the euro, pound sterling and the Japanese yen; it also specified that the SDR Rupee rate will be based on the published reference rate.

Reference rate publication sets benchmark exchange rates and informs cross currency and SDR Rupee conversions for market use.
Publication of the Reference Rate for the US Dollar establishes the benchmark exchange rate for conversion into the domestic currency and serves as the basis for derived cross currency rates; the statement also declares that the SDR Rupee rate will be determined on the basis of the published reference rate.

Reference rate for US Dollar establishes exchange benchmarks and determines the SDR Rupee rate for cross currency quotes.
The Reserve Bank of India publishes an official reference rate for the US Dollar which, together with middle rates of cross currency quotes, is used to derive exchange rates for the Euro, Pound Sterling and Japanese Yen against the Rupee; the SDR Rupee rate is stated to be based on that reference rate.

Demonetization measures prompt additional PoS deployment and enforcement actions against irregular banking activities.
The Government mandated installation of one million additional Point of Sale (PoS) terminals by 31 March 2017, with banks ordering approximately 600,000 machines and a further 400,000 anticipated, raising the national PoS base from about 1.5 million. Simultaneously, 273,919 outreach camps opened 2.454 million bank accounts for unorganized labour. In response to the demonetization of Specified Bank Notes, banks are facilitating legitimate transactions, actions have been taken against seven Public Sector Bank officials, audits of select branches have been initiated, and concurrent audits are being implemented per RBI guidelines.

Reference rate updates informing Rupee exchange rates for dollar and derived euro, pound and yen rates; SDR Rupee linked to reference rate.
Publication of the Reference Rate for the US Dollar and, using that rate with middle cross currency quotes, the corresponding Rupee exchange rates for the Euro, Pound Sterling and Yen; the SDR Rupee rate is to be based on the published reference rate.

Auction of Government Stocks via multiple price bidding with non competitive allotment and mandatory electronic bids.
Sale (re issue) of central government stocks will be conducted by price based auctions using the multiple price method, with up to five per cent of each notified amount reserved for eligible participants under the Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on the central bank's E Kuber platform within prescribed time windows; auction results will be announced on the auction date and payment made on the scheduled settlement date. The re issued stocks are eligible for "When Issued" trading under the central bank's when issued guidelines.

Encouraging cashless transactions urges government employees to use debit cards while ministries facilitate card issuance and camps.
The Government promotes encouraging cashless/electronic transactions by crediting salaries electronically and urging employees to maximise the use of Debit/ATM cards for personal transactions. Ministries and Departments must liaise with accredited banks, organise special camps to facilitate issuance, and issue advisories to attached offices, PSUs and autonomous bodies to ensure all employees possess Debit Cards.

Reference rate for US Dollar establishes official exchange rates and informs Euro, Pound and Yen conversion against the Rupee.
The Reserve Bank of India published the Reference Rate for the US Dollar as Rs. 68.1703 on December 05, 2016, with the prior rate Rs. 68.3689 on December 02, 2016, and, based on that reference rate and cross currency middle rates, provided exchange rates for EUR (72.0424), GBP (86.5354) and 100 YEN (60.11) against the Rupee; the SDR Rupee rate will be based on the reference rate.