Anyone with a valid bank account or a post office savings account can deposit unlimited amounts of cash before December 30.
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According to finance minister Arun Jaitley, the sucking out of all currency notes of denomination Rs 500 and 1000 that formed 86 per cent of all cash transactions could impact short-term consumption but will eventually benefit the country. He said individuals with large deposits will come under the scrutiny of the tax department, as a large part of this cash was lying “static.”
1.Carry your identity card when you head out to a bank or post office.
2. You can deposit the old notes at the nearest bank from November 10 till December 30, 2016, or in any nearest Post office.
3. In case you are not able to submit all the old notes till December 30, 2016, you can submit a declaration form to the nearest designated office of RBI and can submit all the old notes there until March 31, 2017.
4. Till November 24, you can exchange Rs 4000 and later this threshold limit will be increased.
5. The limit to withdraw new notes will be Rs 10000 per day and Rs 20000 per week.