TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - The Equity benchmark Nifty opened flat on Monday down by 5 points

or 0.05 percent at 8710. After a splendid rally last week that pushed Nifty towards 9000

levels, profit booking was seen on the last trading day with both banking as well as IT

stocks correcting significantly. With a sharp nosedive in US markets on Friday night due

to both North Korean missile test and US FED rate hike concerns, recent global market

rally comes to an intermediate pause at least for the time being. Midway through the

September F&O series. The benchmark Nifty has Corrected by over 250 points, Already

from its high of 8995. FII and pros have been seller in F&O as well as cash market in this

week. The Nifty traded flat amid talk of Rupee devaluation and tepid Global cues. The

Nifty chart suggesting that , Nifty to sustain crucial Support level of 8700-8780 area For

further rally up to 8870-8800 zone. The crucial levels for Nifty is 8700-8640 down side

and 8880-8920 is Up Side.

BANK NIFTY : - The Bank Nifty has opened in a negative bias down by 33 points or 0.17

per cent at 19757. Consecutive closing above 21200 for any reason, Whatsoever Bank

Nifty may further rally upto 20750-21900 in near to mid term. The Fundamental

Valuation of Bank Nifty P/E around 30.33 and it goes around 23500 level, it may be quite

expensive. Bank Nifty is facing a big hurdle at 20540-20750 despite power of liquidity,

Sustain below 20200- may drag it 18900 in near term. The Reserve Bank of India has

instructed banks to accept cash deposits at the counter from people declaring unaccounted

wealth under the Income Declaration Scheme. The Bank Nifty Chart is Suggesting the

range of 19560-20300. The Crucial Level for Nifty is 19800-19650 down side and 20150-

20280 is up side.

Monday, 19 September 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

9081 8891 8796 8701 8511

WEEKLY R2 R1 PP S1 S2

9247 8933 8776 8619 8305

MONTHLY R2 R1 PP S1 S2

9644 9090 8813 8536 7982

BANK NIFTY

DAILY R2 R1 PP S1 S2

21276 20400 19962 19524 18648

WEEKLY R2 R1 PP S1 S2

21424 20438 19945 19452 18466

MONTHLY R2 R1 PP S1 S2

22576 20896 20056 19216 17536

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8777 - - -

- -

BANK NIFTY 19791 - - -

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8651 8450 8375

BANK NIFTY 19091 18383 18158

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above given daily Chart of Nifty has Applied the Bollinger

Band Along with Parabolic SAR, both the indicators give early indication of Bullish or

Bearish trend of the market. Along with that the Nifty dalily Chart is Froming the Gap

Down Pattern Which is the reversal trend Signal. As we have seen in last week the Nifty

is traded in the range of 8660-8995 Levels. Now it seems that trend could be reversal into

the bearish Side in the Daily Chart has Formed the Bearish Gap Down candle which is

also the signal of bear market. If the Nifty is breaking the levels of 8800-8660 level we

could witness the level of 8580-8780 in near Term. Move Toward the 8800 levels in

upcoming will lead the Nifty to break the level of 8900-8980. The Crucial levels for Nifty

is 8780-8750 down side and 8840-8880 is Upside.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart - On the Above given daily Chart of Bank Nifty has Applied the

Bollinger Band along with the Parabolic , The Usage of bollinger Band differ from

Trader-to-Trader indication of Bullish or Bearish trend of the market respectively. Thus

the Bank Nifty Chart also formed the hanging man kind of pattern. Kind of Pattern which

is a Bearish signal for market, from this Point we are Expecting if Bank Nifty Consolidate

Upcoming week. Then it would touch the level of 19950-20250 in Near-Term. If we look

into the Fundmaentals of Bank Nifty there are some action is taken to overcome the NPA

issue of Public Sector Bank. The Important levels for Bank Nifty is 20180 - 19750 down

side and 2380-20460 is up side.

NSE EQUITY DAILY LEVELS

COMPANY

NAME

R2 R1 PP S1 S2

ACC EQ 1650 1636 1624 1610 1598

ALBK EQ 86 83 82 79 78

AMBUJACEM EQ 268 265 263 260 258

ASIAN PAINT EQ 1192 1174 1163 1145 1134

AXISBANK EQ 621 611 601 591 581

BAJAJ-AUTO EQ 3081 3033 2982 2934 2883

BANKBARODA EQ 174 169 167 162 160

BANKINDIA EQ 125 121 118 114 111

BHEL EQ 156 151 148 143 140

BHARTIARTL EQ 328 326 323 321 318

CIPLA EQ 606 600 591 585 576

COALINDIA EQ 329 327 325 323 321

DLF EQ 151 148 147 144 143

DRREDDY EQ 3192 3170 3155 3133 3118

GAIL EQ 398 394 390 386 382

GRASIM EQ 4950 4903 4827 4780 4704

HCLTECH EQ 799 791 783 775 767

HDFC EQ 1425 1411 1403 1389 1381

HDFCBANK EQ 1317 1309 1296 1288 1275

HEROMOTOCO EQ 3708 3650 3585 3527 3462

HINDALCO EQ 149 146 144 141 139

HINDUNILVR EQ 934 922 915 903 896

ICICIBANK EQ 278 273 269 264 260

ITC EQ 267 264 260 257 253

INDUSIND BANK EQ 1210 1190 1175 1155 1140

INFY EQ 1078 1067 1052 1041 1026

JINDALSTEL EQ 87 84 83 80 79

KOTAKBANK EQ 824 815 809 800 794

LT EQ 1510 1491 1479 1460 1448

M&M EQ 1444 1428 1414 1398 1384

MRF EQ 41924 41514 41308 40898 40692

MARUTI EQ 8357 6948 6211 4802 4065

ONGC EQ 255 253 250 248 245

ORIENTBANK EQ 134 129 127 122 120

RCOM EQ 51 50 49 48 47

RELCAPITAL EQ 588 571 561 544 534

RELIANCE EQ 1110 1092 1076 1058 1042

RELINFRA EQ 1109 1090 1075 1056 1041

RPOWER EQ 54 53 52 51 50

SBIN EQ 266 260 257 251 248

SSLT( VEDL) EQ 172 167 163 158 154

SUNPHARMA EQ 799 791 786 778 773

TATAMOTORS EQ 577 563 555 541 533

TATAPOWER EQ 77 76 75 74 73

TATASTEEL EQ 376 368 362 354 348

UNIONBANK EQ 150 145 143 138 136

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS( AS ANALYSIS

NSE FUTURE

NSE FUTURE

NSE FUTURE : BUY MCLEODRUSSEL FUTURE ABOVE 187 TGT 195 SL 183

NSE FUTURE : SELL JUSTDIAL FUTURE BELOW 468 TGT 450 SL 480

NSE FUTURE : BUY TATAGLOBAL FUTURE ABOVE 141 TGT 147 SL 138

NSE CASH

NSE CASH : BUY DISHTV NSE CASH ABOVE 103 TGT 112 SL 99.

NSE CASH : BUY BODALCHEM NSE CASH ABOVE 141 TGT 154 SL 136.

NSE CASH : BUY DHFL NSE CASH ABOVE 297 TGT 321 SL 291.

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 TATA STEEL 394 358 -9.06 %

2 YES BANK LTD. 1276 1169 -8.34 %

3 HINDALCO 154 142 -7.88 %

4 BHEL 154 146 -4.80 %

5 M&M 1472 1406 -4.47 %

6 TATA MOTORS 573 548 -4.28 %

7 POWER GRID 183 176 -4.22 %

8 BANK BARODA 171 164 -4.19 %

9 INDUSIND BANK 1217 1169 -3.94 %

10 AMBUJA CEMENT 272 262 -3.76 %

11 SBIN 264 254 -3.71 %

12 NTPC 158 153 -3.62 %

13 L&T 1517 1473 -2.93 %

14 ZEEL 533 519 -2.62 %

15 ICICI BANK 274 267 -2.46 %

SR.NO SCRIPT NAME PREV CLOSE

CMP % CHANGE

1 MBL INFRA 91.60 111.20+21.40 %

2KIRI INDUSTRIES 282 337 +19.16 %

3 ZEE MEDIA CORP 25.30 29.00+14.62 %

4WELSPUN ENTER. 57.20 64.40 +12.59 %

5 INOX WIND LTD 179 199+11.14 %

6VAKRANGEE 206 224 +8.39 %

7 MARUTI SUZUKI 5403 5573+3.17 %

8GRASIM INDUS 4706 4853 +3.12 %

9 RELIANCE 1044 1075+2.97 %

10INFOSYS 1035 1060 +2.38 %

11 CIPLA 580 593+2.25 %

12IDEA CELLULAR 83.60 85.15 +1.85 %

13 TECH MAHINDRA 458 465+1.53 %

14ITC LIMITED 258 260 +0.79 %

15 HDFC BANK 1290 1297+0.58 %

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

India’s Direct tax mop-up rises 15 % in Apr-Agust - The figures for Direct Tax

Collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh

crore which is 15.03% more than the net collections for the corresponding period last

year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year

2016-17 has been achieved. As regards the growth rates for Corporate Income Tax and

Personal Income Tax, in terms of gross revenue collections, the growth rate under CIT is

11.55% while that under PIT is 24.06 %. However, after adjusting for refunds, the net

growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds

amounting to Rs. 77,080 crore have been issued during April - August, 2016, which is

22.18 % higher than the refunds issued during the corresponding period last year. The

figures for indirect tax collections upto August 2016 show that net revenue collections are

at Rs. 3.36 lakh crore which is 27.5% more than the net collections for the corresponding

period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for

Financial Year 2016-17 has been achieved. As regards Central Excise, net tax collections

stood at Rs.1.53 lakh crore during April-August, 2016 as compared to Rs.1.03 lakh crore

during the corresponding period in the previous Financial Year, thereby registering a

growth of 48.8%.

India is Likely to post its first current account surplus in nine Years - India is likely

to post its first current account surplus in nine years in the latest quarter, which should

bolster the rupee though it is not a good sign for the economy as it reflects weak

investment demand at home and subdued exports, analysts said. Forecasts given by

investment houses' research notes and from analysts that Reuters spoke to showed

expectations centering on a surplus INCURA=ECI of $ 4 billion, or 0.8 percent of GDP,

in April-June quarter. That compared with a deficit of $ 6.2 billion, equivalent to 1.2

percent of GDP, in the same quarter a year ago. And, if the forecasts prove correct it will

be the first surplus since January-March 2007, though India is unlikely to keep the

surpluses coming. For the full year ending in March 2017, India is likely to post a deficit

even lower than last year's 1.1 percent of GDP, as foreign investment inflows remain

steady - and that should be broadly supportive for the rupee. Analysts have revised down

their forecasts for the 2016/17 deficit to below 1.0 percent from earlier projections of

between 1.2-1.5 percent. The Reserve Bank of India is expected to release the June

quarter data this month. For a developing economy like India slow import growth is a

negative sign, as it reflects weak investment demand because Indian firms need to buy

capital goods and machinery from abroad. That weakness in the economy, it could

persuade the RBI to keep liquidity easy for now. The RBI is also unlikely to let the rupee

strengthen too much, and any central bank action to take dollars out of the market will

add to rupee liquidity. "The improvement in current account deficit is definitely positive

for the rupee." so far as the RBI is concerned, as it is a reflection of weak investment

demand which is impacting the pick up in imports."Trade data released last month

showed imports fell 16.33 percent to $ 114 billion in the four months through July thanks

to lower gold and oil import bills, while exports fell 3.62 percent to $ 87 billion.

India's August WPI at 3.74% Food Articles Inflation at 8.23% - The annual rate of

inflation, based on monthly WPI, stood at 3.74% provisional for the month of August,

2016 over August, 2015 as compared to 3.55% for the previous month and -5.06% during

the corresponding month of the previous year. Build up inflation rate in the financial year

so far was 4.45% compared to a build up rate of 0.23% in the corresponding period of the

previous year. The index for this major group declined by 0.2 percent to 268.9 provisional

from 269.5 provisiona for the previous month. The index for ‘Food Articles’ group

declined by 0.6 percent to 284.2 from 285.8. The index for ‘Non-Food Articles’ group

declined by 0.1 percent to 236.3 from 236.6 for the previous month.

Softening trend in inflation leaves door open for rate cut : DBS - The RBI may

consider chopping interest rate in the coming three months as inflation may slip below 5

per cent during September-December period, before inching up in the following quarter,

says a report. According to global financial services major DBS, the softening trend in

inflation leaves the door open for a rate cut in the fourth quarter of this calender year

"with odds of a move in October on the rise". A benign inflation path going forward and

likelihood of a dovish policy committee leaves the door open for further easing but this

needs to be balanced off with firmer demand dynamics and risks of US rate normalisation

as the September Federal Open Market Committee meeting approaches," DBS said in a

research note. The next RBI policy review meet is scheduled for October 4. It would also

be the first review under the new RBI Governor Urjit Patel, who assumed charge on

September

Arun Jaitley reviews quarterly performance of PSBs and FIs - The Union Finance

Minister, Arun Jaitley will hold a Quarterly Performance Review Meeting with the Chief

Executive Officers and Managing Directors of Public Sector Banks and Financial

Institutions in the national capital tomorrow. During the one day Meeting, the Finance

Minister Jaitley will review the overall Performance of PSBs in the current Financial

Year and last quarter in particular. The Finance Minister will review the progress of credit

and growth and asset quality especially with regard to Priority sectors lending including

credit flow to Agriculture and Insurance Sector, MSE, Minorities, SC & ST, Education

and Housing Loan among others. The progress made in the various Social Sector

Schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana , Pradhan Mantri Surkasha

Bima Yojana and Atal Pension Yojana as well as in case of Pradhan Mantri Jan Dhan

Yojana , Stand-Up India and MUDRA Schemes will also be reviewed during the

aforesaid meeting. The issues relating to financial inclusion and literacy as well as Non

Performing Assets are also likely to be discussed during the one day meeting. Along with

the CEOs of PSBs and FIs, the meeting will also be attended by Santosh Kumar

Gangwar, Minister of State for Finance, Arjun Ram Meghwal, Minister of State for

Finance & Corporate Affairs, Anjuly Chib Duggal, Secretary, Department of Financial

Services , Dr Arvind Subramanian, Chief Economic Adviser and senior officers of the

Ministry of Finance among others.

High growth rate mandatory for collective well being: Arun Jaitley - A high growth

rate is a requisite if the benefits of growth are to percolate down to the last man,

especially minorities. Post 1991 economic liberalization, the acceleration of growth rate

has led to substantial reduction in poverty. All communities have shown reduction in

poverty levels, however on an uneven basis, says Union Finance Minister, Arun Jaitley,

speaking at a Conference on Empowerment through Education – ‘Taalim-o-Tarbiyat’ in

Mumbai. While higher growth rate impacts all by way of offering economic

opportunities, certain minorities have lagged behind and those areas need to be addressed.

Despite the poverty rate among Muslim community declining from 52% in 1991 to about

27% in 2011, some communities like Jains and Parsis have overcome the challenge of

poverty, he said. Jaitley said education is the key to improve the conditions faster which

would aid conversion of skills into opportunities. Madarasa is an important institution in

imparting education for children of Muslim community and complimented the efforts of

leaders like Zafar Sareshwala, for blending technology and traditional teachings, he said.

✍ TOP ECONOMY NEWS

State-owned banks looking forward to the next round of capital infusion will need to

fulfill a new set of criteria, including credit recovery, as the Finance Ministry has revised

the recapitalisation norms.

The Cellular Operators Association of India , the industry body representing all GSM

operators, was asked to leave the meeting called by the telecom regulator to resolve the

issue of interconnect.

India's annual consumer price inflation eased to 5.05% in August, helped by smaller rises

in food prices.

Industrial output in July dipped by 2.4% dragged down by poor performance of mining

and manufacturing sector. Data released revealed that the mining sector grew by 2%

while the manufacturing output declined by 1.4%.

Net direct tax collections during the April-August period has grown 15.03 % to Rs. 1.89

trillion, led by robust collections in personal income tax.

Net indirect tax collections in the April-August period grew 27.5% to Rs. 3.36 trillion on

the back of surge in excise collections.

Following presidential assent last week to the GST Bill, the Union Finance Ministry

notified the provisions of the Constitution Amendment Act that allows for setting up the

Goods and Services Tax Council.

India’s decision to offer duty concessions on about a fourth of its traded goods to the

members of the Asia Pacific Trade Agreement — China, Bangladesh, Lao, South Korea

and Sri Lanka — was approved by the Union Cabinet.

India’s Wholesale inflation soared to a two-year high of 3.74% in August as pulses and

manufactured items showed an uptick in prices even as vegetable prices witnessed some

moderation.

The National Highways Authority of India , which proposes to award road works worth

Rs. 1 trillion by the end of the current financial year, has received an offer from a global

pension fund to provide Rs. 300 billion rupee loan at 5.5-6% interest rate.

Road Ministry and National Highways Authority of India will together take up 82

highway projects under the ambitious Bharatmala project in order to improve port

connectivity.

✍ TOP CORPORATE NEWS -

Tata Steel Limited had urged Chhattisgarh government to return the money it had

deposited for purchasing land in Bastar where company had planned to set up mega steel

plant.

Indian Oil Corporation might hold 50% in a refinery being planned on the west coast if

Saudi Arabia and Kuwait do not take up the offer of an equity stake.

Wipro Limited has won an IT contract from NSB Group, one of Norways largest

transportation groups.

MIC Electronics Limited has secured a patent for its LED DigiPoster, which the

company maintains is a next generation digital display technology for various

applications across the world. The patent is valid up to the year 2028.

Mahindra & Mahindra Limited has rebranded its electric mobility portfolio as

Mahindra Electric aiming for a greater focus on technology and launch more electric

models, besides supplying powertrains to other manufacturers.

Indoco Remedies Limited said the US health regulator has inspected its Goa plant and

has issued six observations on account of violation of good manufacturing norms.

The National Highways Authority of India has awarded a Rs. 8.20 billion highway

project in Rajasthan to PNC Infratech limited.

Ashok Leyland Limited and Nissan have decided to part ways in their loss-making light

commercial vehicle joint ventures, which were formed in 2007. Ashok Leyland has

decided to buy its partners stake in the JVs floated by the two partners.

Vedanta Limited are to convene in Goa for an Extraordinary General Meeting , to

discuss the proposed absorption of Cairn India.

Coal India Limited has surrendered exploratory blocks in Mozambique after failing to

find mineable coal in them.

Hindustan Petroleum Corporation Limited shut a unit at its 130,000 bpd refinery in

Mumbai last week due to a technical glitch, and has since been importing gasoline.

Dewan Housing Finance Corporation Limited has raised Rs. 100 billion by allotting

NCDs to successful applicants.

A final decision on the much-delayed Rajasthan refinery, to be set up by Hindustan

Petroleum Corporation for an estimated over Rs. 370 billion, but has run into a political

quagmire, is expected within a few months.

As part of the disinvestment process, Engineers India Limited will sell part of the

government stake to its eligible employees at a discounted price of Rs. 187.29 /unit, a

move that will fetch about Rs. 315 million to the exchequer.

Tata Motors Limited has launched its first product, a versatile mini-truck SuperAce, in

Vietnam.

DLF Limited will invest about Rs. 5 billion to develop an IT Park in Chennai as the

commercial real estate market has picked up in major cities.

PI Industries Limited is looking to foray into the pharma sector for manufacturing and

export of early intermediates.

The Delhi High Court has granted an opportunity to Unitech Limited to complete its

delayed housing projects and hand over possession of flats to buyers by opening escrow

accounts and using the money deposited in it solely for these projects.

Redington India Limited, distributors for Apple in the country, said that the company

will start offering the new iPhone 7 and iPhone 7 Plus, beginning on October 7.

Prestige Estates Projects that recently bought back CapitaLands stake in a mall project in

Bangalore, is converting it into a IT business park due to lower supply in this segment.

Glenmark Pharmaceuticals announced receipt of final approval from US health

regulator for its generic version of AstraZeneca's Xylocaine ointment.

Paving the way for stake sale in its commercial finance unit with a loan portfolio of about

Rs. 165 billion, Reliance Capital has got shareholders’ approval for the transfer of this

business to a separate company.

Mahindra CIE Automotive is reportedly all set to acquire Bill Forge, for about USD 200

million, or Rs 13 billion.

The government has decided to task central public sector undertakings including NMDC,

NTPC and SAIL with pushing mineral exploration in India.

Repco Home Finance Limited has raised up to Rs. 2 billion by issuing non-convertible

debentures on private placement basis.

The coal ministry has released Rs. 780 million compensation to seven firms including

GMR Energy, Hindalco, Neyveli Lignite Corp and Singareni Collieries Company.

Indiabulls Housing Finance is planning to restructure its long-term loan portfolio to

bring down the average cost of borrowing for the company by 30-40bps.

Hindustan Construction Company has bagged order worth Rs. 1.82 billion from the

Department of Atomic Energy to build premium highrise residential towers at Indira

Gandhi Centre for Atomic Research, Kalpakkam, Tamil Nadu. This is an item rate

contract to be completed in 30 months.

Manappuram Finance has raised Rs. 2 billion through issuance of secured redeemable

non-convertible debentures on a private placement basis to ICICI Prudential Mutual

Fund.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The Competition Commission of India is likely to complete its probe into alleged

cartelisation by state-run banks within two months, according to a senior official. The

competition watchdog is investigating whether public sectors banks, which together

control nearly three quarters of the country's banking business, are conniving to keep the

interest rates on savings accounts low at about 4% when private sector lenders are

offering more.

Imagine being able to avail a home loan almost as easily as obtaining a loan for buying

white goods in an appliance store. Or, having a refund credited to your account within

minutes of a failed transaction or cancellation. This would be possible once banks begin

to use the underlying technology of bitcoins called blockchain. Today, bankers spend

much of their energies in establishing contracts, ascertaining identity and going through

records to check whether a certain transaction did take place in the past. The technology

that has the potential to address these problems is blockchain — an electronic public

ledger that records virtual currency transactions which cannot be tweaked or deleted.

After being seen as a challenger to traditional payments, the bitcoin threat wore off

following the collapse of a bitcoin exchange. Ironically, while bitcoin's key feature is the

anonymity it provides owners, blockchain's killer application is provenance.

State Bank of India Chairman Arundhati Bhattacharya looks set to get an extension for

six months to oversee the merger of its five associate banks with the parent.

Bhattacharya's term is due to end next month and an extension is seen as a compensation

for her not being appointed Sebi chairman, although she was especially called for an

interaction by a panel headed by the cabinet secretary. Sources said the government is

working on extending her term at a time when the country's largest lender, which controls

around a quarter of the market, is grappling with over Rs. 1 lakh crore of bad debt. State

Bank of India is also dealing with the complicated task of merging its five remaining

associate banks -State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of

Mysore, State Bank of Patiala and State Bank of Travancore -with itself along with

Bharatiya Mahila Bank, the government's experiment with a women-focused lender

which has not made any headway .

State Bank of India Chairperson Arundhati Bhattacharya says a 25 basis points cut in

interest rates was in the offing and that an improvement in the financial health of India's

banking sector was closely linked to the overall performance of the economy. In an

interview to IANS, the 60-year-old banker also said the four per cent inflation target fixed

by the government is a tad low in an emerging economy like India where food inflation

has rarely fallen below six per cent in the past 60 years. Nonetheless, she felt the current

inflation level is set to fall due to a statistical play that could pave the way for a cut in

interest rates by commercial banks -- which the central bank has been asking for, as and

when it has itself cut interest rates.

The Reserve Bank of India has instructed banks to accept cash deposits at the counter

from people declaring unaccounted wealth under the Income Declaration Scheme, an

official statement said here on Friday. "The RBI has on September 8 instructed the banks

to invariably accept cash deposits from all the declarants under the Scheme and to accept

cash deposits, irrespective of amount, over the counters, for making payment," a Finance

Ministry statement said.

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