Indian BJP Prime Minister Narendra Modi called an emergency address speech, where he revealed to the country that 500 and 1000 rupee notes to be discontinued from 08th November 2016 midnight. This decision has been made by the present government under the PM who says, IMF and World Bank states India is an economic star now and it is fight against black Money.
Every Citizen will be allowed to withdraw 10,000 Rupees from Bank or ATM per day and 30,000 per week which seems to be less.
Every Citizen will be allowed to withdraw 10,000 Rupees from Bank or ATM per day and 30,000 per week which seems to be less.
You can check the following image for entire details:
Things you need to know and do:
1. Keep Calm: you have 50 days time to exchange/deposit your old notes in banks/post offices/ airport.
2. You can use cash till 30th November in authorize malls and shopping Centers.
3. Keep a list of the serial numbers of the notes submitted /exchanged at banks as the RBI has announced that the accepting bank/post offices will keep track of these. Quite clearly the income tax department will be taking a look at who is submitting how much so exchange only the amount you are willing to explain to the tax department.
2. You can use cash till 30th November in authorize malls and shopping Centers.
3. Keep a list of the serial numbers of the notes submitted /exchanged at banks as the RBI has announced that the accepting bank/post offices will keep track of these. Quite clearly the income tax department will be taking a look at who is submitting how much so exchange only the amount you are willing to explain to the tax department.
New Notes:
1. In Pics: New Rs 500 note that will be issued.
2. In Pics: New Rs 2000 note that will be issued.
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