The Reserve Bank of India (RBI) granted an additional nine months for the public to exchange currency notes printed before 2005, including Rs. 500 and Rs. 1,000 denominations, and set a deadline of January 1, 2015. The apex bank stated that the public can continue to freely use these notes for any transaction and people can unhesitatingly receive these notes in payment, as all such notes continue to remain legal tender.
- RBI has advised banks to facilitate the exchange of these notes for full value and without causing any inconvenience to the public.
- Post-2005 notes have added security features and help in curbing the menace of fake currency.
- At present, currency notes are issued in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000.
Note: Earlier, RBI stated that after March 31, 2014, it will completely withdraw all bank notes from circulation issued prior to 2005 and from April 1, 2014, the public will be required to approach banks for exchanging these notes.
The Union Government approved the proposal to ensure Rs 1,000 minimum monthly pension under a scheme of retirement fund body EPFO. The government would provide an additional amount of around Rs 1,217 crore to ensure the minimum pension of Rs 1,000 starting 2014-15.
- The decision to provide the entitlement under Employees’ Pension Scheme-95, run by the Employees’ Provident Fund Organization, was taken by the Union Cabinet in its meeting held in New Delhi.
- Benefit of this scheme: With immediate effect. approx 28 lakh pensioners including five lakh widows will get benefit. (There are 44 lakh pensioners).
Note: Pensioners will get the benefit with effect from April 1, 2014.
The Union Finance Minister P. Chidambaram inaugurated the India’s first post office savings bank ATM at the Head Post Office in Thyagaraya Nagar, Chennai.
About Post office savings bank ATM
- The ATM would run on a trial basis for six months.
- Objective: To make the department technology-oriented.
- Part of an Information Technology (IT) modernization project of the Department of Posts.
- Rs 4,909 crore had been allocated for the IT modernisation of Department of Posts in the interim budget for 2014-15.
Note: By March 31, 2014, a total of 700 more post offices will be covered and all 26,840 post offices will be functional under CBS in another two years.
- Objective: To improve more than 900 kilometers of State roads, in line with the Chhattisgarh Road Master Plan, involving up gradation of roads sections and strengthening culverts and bridges.
- The loan will be funded from ADB’s ordinary capital resources. It has a principal repayment period of 20 years, and annual interest set in accordance with ADB’s LIBOR-based lending facility.
The Government of Chhattisgarh will provide counterpart finance of about $128 million to cover the estimated total project cost of $428 million.