500-1000 note killed. What, why & how- find all your answers at one place

Why this scheme?
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

What is this scheme?
The legal tender character of the notes in denominations of Rs 500 and Rs1000 stands withdrawn . In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India Or at any of the bank branches or at any Head Post Office or Sub-Post Office.

How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

Can I get all in cash?
No. You will get upto Rs 4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

Why I cannot get the entire amount in cash when I have surrendered everything in cash?
The Scheme of withdrawal of old high denomination(OHD) notes does not provide for it, given its objectives.

Rs 4000 cash is insufficient for my need. What to do?
You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

What if I don't have any bank account?
You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

What if, if I have only JDY account?
A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

Where can I go to exchange the notes?
The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

Need I go to my bank branch only?
For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.
For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.
In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

Can I go to any branch of my bank?
Yes you can go to any branch of your bank.

Can I go to any branch of any other bank?
Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds Rs 4000.

I have no account but my relative / friend has an account, can I get my notes exchanged into that account?
Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

Should I go to bank personally or can I send the notes through my representative?
Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

Can I withdraw from ATM?
It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs.2,000/- per card per day upto 18th November, 2016. The limit will be raised to Rs.4000/- per day per card from 19th November 2016 onwards.

Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs10,000/- in a day within an overall limit of Rs.20,000/- in a week (including withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.

Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?
Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.

Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

How much time do I have to exchange the notes?
The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.
For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

I am right now not in India, what should I do?
If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff).

I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Yes, you can deposit the OHD banknotes to your NRO account.

I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to Rs 5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.

I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

What is proof of identity?
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

Where can I get more information on this scheme?
Further information is available at our website (www.rbi.org .in) and GoI website (www.rbi.org.in)

(Source: TOI)

85% of houses on Yamuna floodplains liable to be razed: NGT

NEW DELHI: The National Green Tribunal on Monday hit out at the Uttar Pradesh government and public authorities in Agra for "improper" demarcation of Yamuna floodplains and fixation of pillars, saying that 85 per cent of the buildings on the riverbed were liable to demolished.

A bench headed by NGT Chairperson Justice Swatanter Kumar directed the lawyer appearing for UP government to take clear instructions whether they would like to demarcate the floodplains afresh or not.

"Local commissioner's report has found severe violations in functioning of government departments in Agra as there is improper demarcation of floodplains. According to the report there appears to be malafide in measuring the distance of various real estate projects from the flood plains of river Yamuna in Agra. Contrary to claims, 85 per cent of buildings on Yamuna floodplains are liable to be demolished," the bench observed.

The tribunal asked various real estate developers and other parties in the case to file their replies on the local commissioner's report within two weeks.

The bench was hearing a plea filed by Agra resident D K Joshi, who passed away recently. The plea had alleged that many buildings have been built right in the flood plain and even in the river itself.

He has now been substituted by new petitioners Umashankar Patwa and Shabi Haider Jafri after Joshi's lawyer Rahul Choudhary moved an application in this regard.

The matter was listed for next hearing on November 22.

Earlier, the green panel had appointed Registrar General Mukesh Kumar Gupta as local commissioner to ascertain the "correct position" of flood plains and the distances of the various projects, after expressing dissatisfaction over a chart submitted by UP government on the construction carried out by builders on the floodplains of Yamuna.

The tribunal had earlier issued notice to these builders to show cause why compensation in terms of Section 15 and 17 of the National Green Tribunal Act, 2010 should not be imposed on them and why appropriate directions not passed regarding their structures which were violative of environmental laws.

It had also imposed a fine of Rs 1 lakh on Agra Municipal Corporation for dumping of waste on the floodplains of river Yamuna in the city, noting that the civic body has failed to perform its duty and protect the environment.

SOURCE: ETRealty

Home launches show green shoots in Noida realty market

NOIDA: The Noida real estate market is showing signs of a recovery. According to a Q3 report released by real estate consultancy Colliers International, 4,000 housing units were launched in the city in the last three months compared with only 1,700 in Gurgaon.

Of the total chunk of fresh launches across the country in the last quarter, 16% were in Noida alone. The Gurgaon real estate market seems to be shrinking according to the report, with only 7% of the pie of fresh launches reported here.

The study has been conducted nationally for the last three months for the cities of Bengaluru, Chennai, Pune, Mumbai, Noida and Gurgaon. In all, 25,000 apartment units were launched across these six cities in the last three months alone. Comparatively, of the total share of launches, Mumbai hosted 28%, Pune 23%, Bengaluru 17%, Noida 16%, Chennai 9% and Gurgaon 7%.

According to Colliers’ estimates, the cumulative launches in Gurgaon and Sohna region together for both Q1 and Q2 were 3,000 units. For Noida, the number of cumulative launches for Q1 and Q2 was 2,000. So with 4,000 unit launches in Q3 alone, Noida's launches in the last three months have effectively doubled as compared to the past two quarters’ performance.

Surabhi Arora, senior associate director (research), at Colliers International India, said the residential market appears to coming out of the cycle of ‘low confidence, low investment’. “We are approaching a favourable period as the government and developers are working together to solve the prolonged issues of the sector. We expect the residential market to witness growth in most cities; mid-segment and affordable projects, with ready-to-move-in options should remain the preferred asset class among homebuyers,” Arora said.

According to the report, all of Gurgaon’s launches have been in the mid-range segment. Most of Noida’s projects were launched in newly developing sectors along the Noida-Greater Noida expressway and Greater Noida.

Despite the fact that most of the demand is in the mid-end segment, the city also saw the launch of a luxury project in Sector 124 at Rs 13,000 sq ft, making it the most expensive residential project launch of 2016.

Amit Modi, vice-president, Credai, Western UP, said the reason for Noida witnessing more launches than in the rest of the NCR was quite simply the lower land price. “So we do see more residential projects taking off in Noida in the times to come as both for the builder and the buyer, it is an end-users’ market, a residential hub,” Modi said.

SOURCE: ETRealty

Home buyers appeal to UP & Gujarat govts to withdraw builder-friendly RERA rules

NEW DELHI: Home buyers association 'Fight for RERA' has appealed to both Uttar Pradesh and Gujarat governments to withdraw the notified builder-friendly real estate regulatory Act (RERA) rules and come out with fresh notification on the lines of the ministry of housing and urban poverty alleviation (HUPA).

"The Rules notified by both Gujarat and Uttar Pradesh governments are ultra vires to the Real Estate (Regulations and development) Act 2016. It is also against the spirit of the said Act," said Abhay Upadhyay, national convenor, Fight For RERA.

UP has defined “ongoing project” in the notified RERA rules and come up with four exemptions to ensure that maximum ongoing projects get out of the ambit of RERA. It has also diluted compounding clause by making money payable proportionate to jail term.

Gujarat has exempted all projects launched before notification of the rules on November 1. Beside, its rules are partial and has not covered many aspects including requirement for registering projects.

The HUPA notified rules, however, mandates registration of all ongoing projects that have not received completion certificate with the real estate regulator.

"These development points fingers towards back room manipulations by builders lobby to derail the process of bringing complete reforms by eliminating unaccountability in the real estate sector," Upadhyay said.

The ministry of HUPA on October 31 notified the final rules to implement the Real Estate (Regulation and Development) Act, 2016 (RERA) applicable for five Union territories of Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu and Lakshadweep.

Gujarat and UP were the first to notify RERA rules for their respective states.

"The interpretation of rules should not go beyond the original purpose of the Act. Ongoing projects includes all the incomplete projects," said a top HUPA official.

The ministry has also written to the chief secretaries of all the states asking about the update on the notification of RERA rules.

Fight for RERA has also appealed to the urban development ministry, which is responsible for framing and notifying RERA rules for Delhi, to refrain from cahooting with builders and be fair in their dealing with all stake holders in unbiased manner.

The ministry of urban development recently called a meeting of builders and their associations to discuss the real estate rules for Delhi and asked them to submit their suggestions.

Upadhyay feels not calling consumers representative for the meeting is setting a bad precedent and points towards unholy collusion.

SOURCE: ETRealty

GST rates finalised, panel fixes slabs at 5%, 12%, 18% & 28%

NEW DELHI: A 4-tier GST tax structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council today.

With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.

The lowest rate of 5 per cent would be for common use items while there would be two standard rates of 12 and 18 per cent under the Goods and Services Tax (GST) regime targetted to be rolled out from April 1, 2017.

Announcing the decisions arrived at the first day of the two-day GST Council meeting, 


Finance Minister Arun Jaitley said highest tax slab will be applicable to items which are currently taxed at 30-31 per cent (excise duty plus VAT).

Luxury cars, tobacco and aerated drinks would also be levied with an additional cess on top of the highest tax rate.

The collection from this cess as well as that of the clean energy cess would create a revenue pool which would be used for compensating states for any loss of revenue during the first five years of implementation of GST.

The cess, he said, would be lapsable after five years.

Jaitley said about Rs 50,000 crore would be needed to compensate states for loss of revenue from rollout of GST, which is to subsume a host of central and state taxes like excise duty, service tax and VAT, in the first year.

The 4-tier tax structure agreed to has slight modification to the 6, 12, 18 and 26 per cent slab that were under discussion at the GST Council last month.

The structure to agreed is a compromise to accommodate demand for highest tax rate of 40 per cent by states like Kerala.

While the Centre proposed to levy a 4 per cent GST on gold, a final decision was put off, Jaitley said.

SOURCE: ETRealty

New Delhi Smart City to take shape by 2018

The Rs 1,900-crore "Smart City" project should be implemented by June 2018, Naidu told NDMC officials, adding that the efforts should be visible by next June. "The NDMC area could act as a lighthouse to other smart cities in the making," he said.

Digital screens should be set up at all major NDMC locations to display useful information on weather, traffic flow, suggested traffic diversions and pollution, the minister said. "Similarly, information needs to be disseminated on a continuous basis through FM and community radio. The entire NDMC area should be provided with Wi-Fi connection."

NDMC chairman Naresh Kumar said that projects costing Rs 650 crore have been taken up.

"The smart city project is based on four important pillars of smart water management, smart energy grid, smart education and smart healthcare. We have launched a smart healthcare project. A few more are in the pipeline," said Kumar.

Around 25 of such projects would be completed by next June, he said.

"We have converted 138 classrooms into smart classrooms, solar panels of 2.90 megawatt capacity have been installed and other projects will be implemented within the next few months," Kumar added.

SDMC commissioner Puneet Goel said that the civic body would comply with Naidu's orders once it officially received them.

SOURCE: ETRealty

Real estate bill will help regulate the sector: Venkaiah Naidu

NEW DELHI: Union Minister of Urban Development and Housing M. Venkaiah Naidu on Tuesday said "changes in the real estate bill will help regulate real estate sector" and will be more "consumer friendly".

Asked why there were changes in the Real Estate bill, Naidu said: "Through this bill, we have taken care of all the tensions of the common people. We did talk about it in parliament. After that we have made these rules for people's consumption."

"We have received a few responses from the public and after that we have finalised these rules," he said at the International Film Festival of India (IFFI) press conference.

Naidu also said that the legislation will help regulate the real estate sector and there will be no scope for exploitation and cheating.

"All these rules have been notified and states will also make their rules. We will try to be more consumer friendly. There will be no scope for exploitation and cheating," said Naidu.

"The act is really going to help us regulate the real estate sector, to improve the sector and also help the helpless consumers who have been harassed so far," he added.

SOURCE: ETRealty