Under the Mahatma Gandhi National Rural Employment Guarantee
Scheme (MNREGS) all wage payments are to be made through accounts in the Banks
or Post Offices, as per the information received from the Ministry of Rural
Development. As per Paragraph 30 of the revised Schedule II, notified recently
under the MGNREG Act 2005, the payment of wages shall be made only through the
accounts in the banks or post offices, unless specifically exempted.
Nearly 74.38 lakh accounts have been opened in the cooperative
banks for disbursement of wages. MoRD has informed that and there is no
provision for any additional compensation to these institutions, for
disbursement of wages under MNREGS.
This information was given by the Minister of State for Finance,
Shri Namo Narain Meena in written reply to a question in Lok Sabha today.
PBI NEWS 21.2.2014
Withdrawal
of Currency Notes in Circulation
The Reserve Bank of India (RBI) has announced
the decision to withdraw from circulation all currency notes printed prior to
2005. It is a standard international practice to withdraw old series of
banknotes from time to time. The reason for withdrawal of banknotes printed
prior to 2005 is to remove them from the market as they have fewer security
features compared to banknotes printed after 2005. It is expected that this
will prevent counterfeiting of banknotes. The RBI has already been withdrawing
these notes from the market in a routine manner through banks. In RBI’s view,
the volume of the banknotes printed prior to 2005 today, still in circulation,
is not significant enough to impact general public in a large way.
The schedule of withdrawal announced by RBI is
as under:
i)
All older series of banknotes issued prior to 2005 would be acceptable for all
kinds of monetary transactions only till March 31, 2014.
ii)
Thereafter the public will be required to approach bank branches which would
provide them exchange facilities on a ongoing basis.
iii)
From July 1, 2014 onwards, members of public can exchange any number of these
old series notes from the bank branches where they have their account. However,
non-customers would have to furnish proof of their identity and residence to
the Bank to exchange more than 10 pieces of Rs. 500.00 and Rs. 1000.00 notes.
iv)
These notes will continue to be legal tender and, therefore, no end date has
been specified for the exercise.
This information was given by the Minister of
State for Finance Shri Namo Narain Meen in written reply to a question in Lok
Sabha today.
PBI NEWS- 21.2.2014
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