Executive Summary:
This notification, issued by the Ministry of Finance on November 17, 2016, amends a previous notification (S.O. 3407 E) from November 8, 2016, regarding the Reserve Bank of India Act of 1934. Effective November 18, 2016, it modifies the value of certain transactions and introduces a provision related to traders registered with the Agricultural Produce Market Committee (APMC).
Key Points / Main Content:
Amendments to Previous Notification:
* This notification amends the notification S.O. 3407 E, dated November 8, 2016.
Specific Changes:
* Clause (i) is amended, effective November 18, 2016, substituting "Rs. 4500" with "Rs. 2000".
* A proviso is inserted in paragraph 2, clause (vi), extending the withdrawal limit of the first proviso to traders registered with APMC markets or mandis.
Impact Analysis:
Central Government:
* Impact: The Central Government is exercising its powers under the Reserve Bank of India Act, 1934, to implement changes in transaction values and withdrawal limits.
* Action Required: Ensure that the amended notification is properly implemented and communicated to relevant parties.
Reserve Bank of India:
* Impact: The RBI is responsible for enforcing the provisions of the Reserve Bank of India Act, 1934, as amended by this notification.
* Action Required: Implement the changes related to transaction values and withdrawal limits, and communicate these changes to banks and other financial institutions.
General Public:
* Impact: Individuals may experience changes in transaction limits.
* Action Required: Be aware of the revised transaction limits that go into effect on November 18, 2016.
Traders Registered with APMC Markets/Mandis:
* Impact: Traders registered with APMC markets/mandis are now subject to the same withdrawal limits as outlined in the first proviso of the original notification.
* Action Required: Comply with the withdrawal limits set by the notification.
Key Entities Referenced
Reserve Bank of India Act, 1934: A legal act that grants powers related to finance and banking to the Central Government and the Reserve Bank of India.
Central Government: The governing authority of India, responsible for enacting and enforcing laws.
Ministry of Finance: A department of the Government of India responsible for financial matters.
Department of Economic Affairs: A department within the Ministry of Finance responsible for economic policy and development.
New Delhi: The capital city of India, where the notification was issued.
S.O. 3407 E: An earlier notification related to financial regulations, amended by the current notification.
Agricultural Produce Market Committee: A committee that regulates agricultural markets and mandis, mentioned in relation to withdrawal limits for traders.
Dr. SAURABH GARG: The Joint Secretary who signed the notification.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (ii)
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No. 2716] NEW DELHI, THURSDAY, NOVEMBER 17, 2016/KARTIKA 26, 1938
िव(cid:7004)त म(cid:7074)ं ालय
(आ(cid:7414)थक काय (cid:6981)िवभाग)
अिधसचू ना
नई (cid:7408)द(cid:7016)ली, 17 नव(cid:7013) बर, 2016
का.आ. 3479(अ)—क(cid:7286)(cid:7076)ीय सरकार, भारतीय (cid:7407)रजव(cid:6981) ब(cid:7289)क अिधिनयम, 1934 (1934 का 2) क(cid:7409) धारा 26 क(cid:7409)
उपधारा (2) (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करते (cid:7263)ए, भारत सरकार, िव(cid:7004) त मं(cid:7074)ालय, आ(cid:7414)थक काय(cid:6981) िवभाग क(cid:7409) अिधसूचना
सं. का.आ. 3407(अ) तारीख 8 नवंबर, 2016, जो भारत के राजप(cid:7074), असाधारण, भाग II, खंड 3, उपखंड (ii) म(cid:7286) तारीख
8 नवंबर, 2016 को (cid:7079)कािशत क(cid:7409) गई थी, को और सशं ोिधत करती ह,ै अथा(cid:6981)त ्:--
1. उ(cid:6989) त अिधसूचना म,(cid:7286) खंड (i) म(cid:7286), 18 नवंबर, 2016 स े “4,500/- (cid:7271)पए म(cid:7016)ू य” अंक(cid:7298) और श(cid:7011)द (cid:7298) के (cid:7021)थ ान पर
“2,000/- (cid:7271)पए मू(cid:7016) य” अंक और श(cid:7011) द रख े जाएंगे ;
2. उ(cid:6989) त अिधसूचना म,(cid:7286) पैरा 2 म,(cid:7286) खंड (vi) म (cid:7286) परंतुक के प(cid:7019) चात ् िन(cid:7013) निलिखत परंतुक अंत:(cid:7021) थािपत (cid:7408)कया जाएगा,
अथा(cid:6981)त ्:--
“परंत ु यह और (cid:7408)क (cid:7079)थम परंतकु म(cid:7286) उपबंिधत िनकासी सीमा कृिष उ(cid:7004) पाद िवपणन सिमित (एपीएमसी) बाजार(cid:7298)
या मंिडय(cid:7298) के साथ रिज(cid:7021) (cid:7069)ीकृत (cid:7018) यापा(cid:7407)रय(cid:7298) को भी लागू होगी ।”।
[अिधसूचना सं. 10/03/2016-सीवाई.I]
डॉ. सौरभ गग,(cid:6981) संयु(cid:6989) त सिचव
(cid:7407)ट(cid:7009)प ण : मूल अिधसूचना, भारत के राजप(cid:7074), असाधारण, भाग II, खंड 3, उपखंड (ii) म(cid:7286) अिधसूचना सं. का.आ. 3407(अ)
तारीख 8 नवंबर, 2016 (cid:7367)ारा (cid:7079)कािशत क(cid:7409) गई थी और उसको अिधसूचना सं. का.आ. 3418(अ) तारीख 9 नवंबर,
2016 (cid:7367)ारा सही (cid:7408)कया गया था और का.आ. 3446(अ) तारीख 13 नवंबर, 2016 और का.आ. 3449(अ) तारीख
14 नवंबर, 2016 (cid:7367)ारा संशोिधत (cid:7408)कया गया था ।
5344 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 17th November, 2016
S.O. 3479(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of
India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India,
in the Ministry of Finance, Department of Economic Affairs number S. O. 3407 (E) dated the 8th November, 2016
published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 8th November, 2016,
namely:—
1. In the said notification, in clause (i), with effect from the 18th November, 2016, for the words, letters and figures
“value of Rs. 4500/-”, the words, letters and figures “value of Rs. 2000/-” shall be substituted.
2. In the said notification, in paragraph 2, in clause (vi), after the proviso, the following proviso shall be inserted,
namely:—
“Provided further that the withdrawal limit provided in the first proviso shall also be applicable to the traders
registered with the Agricultural Produce Market Committee (APMC) markets or mandis.”.
[F. No. 10/03/2016-Cy.I]
Dr. SAURABH GARG, Jt. Secy.
Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii)
(cid:118)(cid:100)(cid:105)(cid:101) notification number S.O. 3407 (E) dated the 8th November, 2016 and subsequently corrected (cid:118)(cid:100)(cid:105)(cid:101) notification
number S.O. 3418 (E) dated the 9th November, 2016 and amended (cid:118)(cid:100)(cid:105)(cid:101) S.O. 3446 (E) dated the 13th November,
2016 and S.O. 3449 (E) dated the 14th November, 2016.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.