JBK & Associates

Reserve Bank of India has asked banks to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs. It has clearly said that, From 1st October 2021, Cash-out at any ATM of more than ten hours in a month will attract a penalty of Rs. 10,000/- per ATM. If a customer is not able to withdraw cash due to non-availability of cash in a particular ATM will be counted as an instance of cash-out in an ATM. RBI issued notification of Scheme of Penalty for non-replenishment of ATMs.

It has asked all the banks and white label ATM operators to put in place a robust system for monitoring the availability of cash in ATMs. Banks shall submit system generated statements on downtime of ATMs due to non- replenishment of cash to the Issue Department of RBI for every month within five days of the following month.

Directors having DIN or Director Partner Identification Number (DPIN) and the directors allotted with a DIN/DPIN by 31st March 2021, need to file the eForm DIR-3 KYC before 30th September 2021.

CBDT vide Notification No. 73/2021 dated 15 June 2021 notified Cost Inflation Index (CII) as 317 for F.Y. 21-22.