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Business EconomyPosted at: Aug 27 2015 8:28PM


RBI enhances point of sale card cash withdrawals, new norms for counterfeit notes

New Delhi, Aug 27 (UNI) The Reserve Bank of India has decided to enhance the limit for cash withdrawal at point of sale (POS) debit and credit cards from Rs 1,000 to Rs 2,000 per day in smaller cities. The limit for cash withdrawals on POS cards remains unchanged , according to RBI release. It said the customer charges, if any, levied on cash withdrawals would not exceed one per cent of the transaction amount at all centres irrespective of the limit of Rs 1000 / Rs 2000. In another key decision, the RBI has decided that bank notes tendered over the counter should be examined for authenticity through machines and such of these determined as a counterfeit one, shall be stamped as "COUNTERFEIT NOTE" and impounded . When a banknote tendered at the counter of a bank branch or treasury is found to be counterfeit, an acknowledgement receipt be issued to the tenderer, after stamping the note . The receipt, in running serial numbers, should be authenticated by the cashier and tenderer. Notice to this effect should be displayed prominently at the offices / branches for information of the public. The receipt is to be issued even in cases where the tenderer is unwilling to countersign it. Besides, the RBI has also taken several measures for enhancing security for electronic transactions and car payment. UNI PC SB 2028
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Tags: #RBI enhances point of sale card cash withdrawals# new norms for counterfeit notes
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