With PM Narendra Modi’s recent announcement on scrapping the old notes of 500 and 1000 denominations, a wave of people rushed to the nearby banks to exchange their old notes with the new currency.
Following the announcement, the government has released the form that will be used to exchange the old notes of Rs 500 and Rs 1000 denomination. The ‘request slip’ will need you to produce a valid government-issued identity card, the name of your bank and branch.
Anyone with a valid bank account or a post office savings account can deposit unlimited amounts of cash before December 30.
There are no restrictions on card payment, cheque, demand draft, electronic funds transfer.
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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.”
What more you can do to avoid hassle:
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.