Withdrawal limit

NEW DELHI: The Election Commission on Wednesday requested the Reserve Bank of India to enhance the weekly cash withdrawal limit of candidates contesting polls in five States to Rs. 2 lakh from the Rs. 24,000 imposed post demonetisation as they would find it difficult to meet their campaign expenditure. The Commission told RBI Governor Urjit Patel that it has been apprised of the problems candidates are facing due to withdrawal limits imposed after note ban. It said the returning officer of the constituency will issue certificate that the person is a candidate in fray and he or she be allowed to withdraw Rs. 2 lakh cash per week from the bank account opened specially to meet electioneering expenses. The EC said the facility be extended till March 11, the day of counting. Candidates are bound to open an election account for meeting poll-related expenditure which is monitored by the EC. The Commission said with a weekly withdrawal limit of Rs. 24,000, a candidate would be able to … [Read more...] about EC requests RBI to enhance cash withdrawal limit of candidates

Mr Trump said the US policy is to levy “maximum economic pressure” on the country. In a statement on Monday, the US President restated his opinion that the 2015 international accord to freeze Iran’s nuclear program in return for lifting sanctions was a “horrible, one-sided deal”. He said it left the Iranian government flush with cash to use to fuel conflict in the Middle East. Source:AFP US President Donald Trump has signed an executive order reimposing sanctions on Iran, three months after pulling out of the Iran nuclear deal. Picture: Getty Images/AFP He said the US is urging all nations “to make clear that the Iranian regime faces a choice: either change its threatening, destabilising behaviour and reintegrate with the global economy, or continue down a path of economic isolation”. “I remain open to reaching a more comprehensive deal that addresses the full range of the regime’s malign activities, including its ballistic … [Read more...] about Donald Trump reinstates ‘many’ sanctions on Iran after nuclear deal withdrawal

In a major setback for PMC depositors, the Bombay High Court on Thursday dismissed a clutch of petitions challenging Reserve Bank of India's (RBI) action in limiting withdrawals from PMC bank accounts. The RBI has from September, increased the withdrawal limit gradually to Rs 50, 000 and additional Rs 50,000 can be withdrawn for medical and educational purposes after completing additional paper work. From September 23, the bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light. So far 12 people, including top officials of the PMC Bank and HDIL, have been arrested by Mumbai Police's Economic Offences Wing (EOW) in connection with the scam. At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who reportedly committed suicide. Maharashtra government is considering is to merge PMC Bank with MSC Bank in a bid a provide relief to depositors. In order to curb massive … [Read more...] about PMC Bank crisis: Bombay HC dismisses petitions challenging RBI action in limiting withdrawals

Mumbai: The Bombay High Court on Thursday dismissed pleas of the depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank, seeking lifting of restrictions imposed by the Reserve Bank of India (RBI) on cash withdrawals. The petitions were filed by persons claiming to be the depositors and account-holders of PMC Bank. In their pleas, the petitioners alleged that the RBI's decision (to put restrictions on cash withdrawal) was irrational, arbitrary and violative of the fundamental rights of common public. The division bench of Justices S C Dharmadhikari and R I Chagla dismissed the pleas, saying the allegations made against the RBI were "vague". "In dismissing them, we hold that RBI was rightly satisfied and acted reasonably to ensure that there is no prejudice caused and to ensure timely withdrawal of funds," the court observed. Earlier, the RBI had told the court, in response to the petitions, that such measures were necessary to safeguard the interest of the bank and … [Read more...] about Bombay HC Junks PMC Bank Depositors’ Plea for Lifting Restrictions on Cash Withdrawal

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