https://www.taxtmi.com/news?id=16982 The legal tender character of certain high denomination banknotes has been withdrawn; these Specified Bank Notes (SBN) cannot be used for transactions and must be deposited at bank branches or exchanged at designated Reserve Bank offices. Over the counter cash exchange was discontinued from a specified date; deposits into accounts and exchange at RBI offices continue. The scheme sets weekly cash withdrawal limits for individuals and enhanced limits for eligible business and agricultural accounts subject to KYC and account vintage, allows time bound higher withdrawals for specified exigencies with documentary proof, and mandates reporting and identity requirements for large cash deposits. en-us Tue, 29 Nov 2016 10:21:30 +0530 Tue, 29 Nov 2016 10:21:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16982 The legal tender character of certain high denomination banknotes has been withdrawn; these Specified Bank Notes (SBN) cannot be used for transactions and must be deposited at bank branches or exchanged at designated Reserve Bank offices. Over the counter cash exchange was discontinued from a specified date; deposits into accounts and exchange at RBI offices continue. The scheme sets weekly cash withdrawal limits for individuals and enhanced limits for eligible business and agricultural accounts subject to KYC and account vintage, allows time bound higher withdrawals for specified exigencies with documentary proof, and mandates reporting and identity requirements for large cash deposits. News - Tue, 29 Nov 2016 10:21:30 +0530 https://www.taxtmi.com/news?id=16982