Wednesday, 9 November 2016

How to Exchange, Deposit or Withdraw Money After Ban Of Rs 500 and Rs 1000 Notes

In what appears to be one of the biggest decisions of the Modi-led government, 500 and 1000 rupee notes have been banned from use. The Prime Minister addressed the nation in a televised press release yesterday and notified of the impending change.
The huge amount of black money, as well as, money earned from illegal sources, have compelled the government to lay down this law. The erstwhile release of the Panama Papers and the continual stress that the Modi government has been placing on recovering black money has probably brought about this drastic change.
Rs 1000 and Rs 500 Currency Notes

The Prime Minister also made a very pointed reference to the terrorism that is exercised by neighboring country Pakistan using forged currency. It is very well known that the notes that have been banned are also the most forged ones. India has been suffering badly because of the enormous amount of counterfeit notes that are still in circulation.
The 500 rupee note is the worst sufferer followed by the 1000 rupee note. In order to put a stop to all these illegal practices, this decision was suddenly announced.
Government officials have gone on record saying that this element of surprise was badly needed so that people could not convert their black money into white money very easily. Assurances have also been provided by finance minister Arun Jaitley that if income is legitimate, then exchanging money or depositing it won't result in any problem.

How to exchange, deposit, or withdraw money?

These are some points that you have to keep in mind regarding the money that you have in your house are on your person.
The priority at this instant should be withdrawing some money because the ATMs will be closed for the next 2 days along with banks and post offices. So if you do not have enough cash to get you through these two days, then it is advisable that you go to your nearest ATM and withdraw some money. Already there long queues in front of every money vending machine.
After midnight tonight and after the 2-day gap, every individual can withdraw 2000 rupees daily from an ATM. This limit will be enhanced to 4000 rupees shortly. If you wish to withdraw money from the bank then 10000 rupees is the limit for one day and 20000 rupees is the limit for one week.

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The next priority is to deposit all the 500 and 1000 rupee notes. If you have them lying around in your house, your hidden stash, or on your person then you have to collect it all and deposit it to your nearest bank branch or RBI branch. The post office will also do.
There are no restrictions on the amount of money that you can deposit. The deadline has been set for the 30th of December 2016 before which you have to submit all your 500 and 1000 rupee notes. If you are unable to do so you have to do it at the latest by 31st March 2017 but once you decide to complete the process after December, you will have to provide your identity proof at the bank.
You can also exchange the money and 4000 rupees is the daily exchange limit. Banks will remain closed for the next 2 days and as compensation will be open on November 12 and 13, which is the coming Saturday and Sunday.

In the case of an emergency, most government establishments will accept these 500 and 1000 rupee notes until midnight tonight. Petrol pumps and such establishments will also accept these notes until midnight of Tuesday.
A latest declaration that has come to light is the fact that toll taxes will keep on accepting these banned notes until the 11th of November. The National Highways Authority of India has instructed all of its operated to accept these notes until Tuesday midnight.

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