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Legal tender deposits will lead to higher bank withdrawals: RBI

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RBI, old currency, bank withdrawal, Rs 24,000 weekly limit, denominations

RBI

Mumbai: In a bid to woo bank deposits, the RBI has said people depositing money other than the old currency will now be allowed to take out that amount on top of the stipulated Rs 24,000 weekly limit.

The Reserve Bank of India notification on Monday night is aimed at encouraging people to deposit money in their bank accounts. “It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts,” the RBI said.

“As it is impeding active circulation of currency notes, it has been decided to allow withdrawals of deposits made in current legal tender notes on or after November 29 beyond the current limits,” it said.

Preferably, available higher denominations bank notes of Rs 2,000 and Rs 500 will be issued for such withdrawals, it added. “Because of the current withdrawal limits, people may be holding on to cash in new Rs 500 and 2,000 or Rs 100 notes,” a RBI official told IANS.

“People are not depositing because they fear that if they do so, they will not be able to withdraw it,” the official added. If a person deposits Rs 10,000, of which Rs 6,000 may be in old currency and Rs 4,000 in new notes or other legal tender, he can withdraw Rs 4,000 any time in addition to the Rs 24,000 weekly limit, the RBI said.

This will stand true for any amount of large deposits in legal tender made from Tuesday, the official said. “This will be very useful for traders who receive cash in large amounts in new notes and may not be depositing it in view of withdrawal limits,” the official added.
 

 

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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