Indian benchmark indices end firm on Wednesday
Some of the key stocks that gained were ICICI Bank, Maruti, L&T, SBI and HDFC Bank while Lupin, GAIL, Cipla, Reliance and Tata Motors were some of the key losers.
The Reserve Bank of India, in a press notification on Wednesday said that to protect the innocent farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after Nov 9, 2016.
According to the RBI, fully KYC compliant account holders may be allowed to withdraw rupees 10,000 from their account, in a month.
The branch managers may allow further withdrawals beyond rupees 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.
Limited or non KYC compliant account holders may be allowed to withdraw rupees 5,000 per month from the amount deposited through SBNs after Nov 9, 2016 within the overall ceiling of rupees 10,000.
Image: Wikimedia Commons
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