Prime Minister of India Mr Narendra Modi made a history on 8th of November by taking a extraordinary decision of banning old ₹500 & ₹1000 denomination.For this their name will be noted in Indian History by golden letters.
People across the country queued up outside banks and ATMs on Thursday to get new currency notes in exchange of Rs 500 and Rs 1000 notes that have been abolished by the government.
Meanwhile some of the great soul leaders of India show much anger against this decision. All of them said Government was not thinking about a common public which will face lots of problem.
Some peoples seemed to have been very happy with this decision of Govt and they are ready to face disturbance for this reform of economy.But there were some people in the midst of the queue was not aware about this new scheme. They have so many confusion about currency exchanges and deposits.
So i am trying to clear all confusions of a common public about this scheme to control black money.
1.Ques- What is this scheme?? Ans- The legal tender character of the notes in denominations of ₹ 500 and ₹ 1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage.
2. Ques- How much value will I get?
Ans-You will get value for the entire volume of notes deposited at the bank branches / RBI office.
3.Ques- Can i get all in cash?
Ans-No. You will get upto Rs 4000 per person in cash exchange in bank and you could deposit any amount in your bank account.
4.Ques- ₹4000 cash is not sufficient for my need. What to do?
Ans- You can use balances in bank accounts to pay for other requirements by cheque or through Internet banking, mobile wallets, IMPS, credit/debit cards etc.
5.Ques- What if I don’t have any bank account?
Ans- You can open a bank account from a bank branch with necessary documents required for fulfilling the KYC requirements.
6.Ques-What if, if I have only Jan Dhan Yojna account?
Ans- A Jan Dhan Yojna account holder can avail the exchange and deposit both facility.
7.Ques-Can I go to any branch of my bank?
Ans-Yes you can go to any branch of your bank.
8.Ques- Can I go to any branch of any other bank?
Ans-Yes, you can go to any branch of any other bank. In that case you have to valid identity proof for exchange in cash.
9.Ques-I have no account but my relative / friend has an account, can I get my notes exchanged into that account?
Ans-Yes, you can do that if the account holder relative/friend etc gives you permission in writing.
10.Ques- Can I withdraw from ATM?
Ans- Yes, you can withdraw from ATMs upto a maximum of Rs.2,000/- per card per day upto 18th November, 2016.
11.Ques- Can I withdraw cash against cheque?
Ans-Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs10,000/- in a day within an overall limit of Rs.20,000/- in a week.
12.Ques-Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
Ans-You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.
13.Ques-How much time do I have to exchange the notes?
Ans- The scheme closes on 30th December 2016. After that you have to go to the RBI and with genuine documents with some extra rules.
15.Ques- I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Ans- Yes, you can deposit the OHD banknotes to your NRO account.
16.Ques- A lot of small businessmen, housewives, workers may have some cash lying around as their savings at home. Will the income tax department ask questions if the same is deposited in banks?
Ans- Such group of people, as mentioned in the question, need not worry about such small amount of deposits up to Rs 1.5-2 lakh, since it would be below the taxable income. There will be no harassment by income tax department for such small deposits made.
17. Ques- Will the income tax department be getting reports of cash deposits made during this period? ?
Ans- Yes, The bank has to submit reports of all cash deposited during the period of November 10 to December 30 above a threshold of Rs 2.5 lakh in every account.
So guys if you have some cconfusion about this particular topic the please mention in comments section and please don’t forget to follow my blogs.
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