Discussion Demonetisation of old Rs. 500 and Rs. 1000 currency notes

[rahul1117kumar]

Can I exchange Rs 4500 multiple times after few days or only once in 50 days also can I exchange with single id proof in multiple banks or not ?

 

[mystic]

.................also can I exchange with single id proof in multiple banks or not ?

This is interesting, how they will come to know if exchange is done multiple times in different banks. :sp

 

[rahul1117kumar]

This is interesting, how they will come to know if exchange is done multiple times in different banks. :sp

banks are creating data base for that.

 

[mystic]

banks are creating data base for that.

But providing this database across various banks is a bigger task.

 

[Sarkar]

Demonetisation: Now, PAN required if combined cash deposits exceed Rs 2.5 lakh till December 30 


The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. But a circular issued on Tuesday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh. This clarifies the misconception that one can deposit cash in multiple batches of less than Rs 50,000 each and escape mentioning the PAN. 

The CBDT has also made changes in the (AIR) Annual Information Return rules. Till now, banks and post office branches were supposed to report to the tax department if an individual made cash deposits of Rs 10 lakh in a year. During the period 9 November to 30 December, this limit has been lowered to Rs 2.5 lakh.If the cash deposits exceed this limit, the bank or post office will automatically report it to the tax department. For current accounts, the threshold limit for cash deposits between 9 November and 30 December will be Rs 12.5 lakh. 

Read more at:
Demonetisation: Now, PAN required if combined cash deposits exceed Rs 2.5 lakh till December 30 - The Economic Times
Read more at:

 

[Sai Jai]

Update: Exchange of old 500 , 1K notes in Bank limit now reduce to 2000 rs. From 4500 effect from 18/11/16 - Shakthikanta das (FS) :nj ..

 

[samuel]

Govt Issues New Guidelines On Withdrawals

Highlights:

1. Farmers can withdraw Rs.25,000 per week against crop loans

2. Farmers selling their produce in APMC markets can draw Rs.25,000

3. APMC traders can withdraw Rs.50,000 per week

4. Crop insurance premium limit extended by 15 days

5. Households can withdraw upto Rs.2.5 lakh for weddings

6. Over the counter exchange limit reduced to Rs.2000

7. Central govt employees upto Group C can withdraw Rs.10000 salary in advance

http://www.timesnow.tv/india/article/govt-issues-new-guidelines-on-withdrawals-new-measures-for-common-man/51991

 

[Bapun]

Private vehicle sales surge as demonetisation impact recedes - Times of India

NEW DELHI: Signalling a drive towards recovery with the impact of demonetisation waning off, passenger vehicle sales in India rose by 14 per cent in January reviving hopes of the automobile industry to achieve double digit growth this fiscal.

 

[Bapun]

Banned notes found, orphaned kids write to Modi for exchange | jaipur | Hindustan Times

“There were 22 notes of ₹1000 denomination and 149 notes of ₹500 denomination. They were of no use since the deadline for exchanging the demonetised notes in banks was December 30 last year,” said CWC chairman Harish Gurubakshani.

“The RBI declined to exchange the notes after we wrote it on March 17.”

In a handwritten letter posted to Modi on Friday, Sooraj said, “Our mother collected the money by working as a labourer for our future, so ‘Modi Uncle’ please help us keep the cash in fixed deposits in my sister’s name for her education and our future.”

 

[hike]

So sad and this story's from Jaipur. I also had those notes.