Till 31 March 2017, old notes can be exchanged at Reserve Bank of India by submitting id proof details. RBI allowed up to Rs.2000 old notes exchange from 31 December 2016 (31-12-16) at it’s various branches. Reserve Bank of India will exchange old currency notes till 31 March 2016 (31-03-16). Giving false details to RBI on exchange of old notes will bring additional penalty. A special ordinance called ‘Specified Bank Notes Cessation of Liabilities Ordinance’ is passed with permission of Indian Prime Minister Narendra Modi. Those who possess more than 10 old notes of denominations Rs.500 Rs.1000 will have to pay penalty for holding it. Through this ordinance it is illegal to posses old denomination notes after 31-3-2017 in India. Rs. 10,000 or five times the value of old notes held, whichever is higher is to be remitted as penalty fine. Old notes exchange last date at India was said to be till 30 December 2016 through banks.
Amidst protests against currency withdrawal in India through demonetisation of Rs.500, Rs.1000 Narendra Modi is sticking to his decision. Indian Prime Minister has decided to tighten up fight against black money by closing up all open doors. Exchange of old notes to get new currencies was allowed for past 16 days from 10 November 2016 to 24 November 2016. All of a sudden on Thursday, 24th November 2016 it was announced that this is last date of exchange of old notes through banks. So what can you do if you have old currencies that you have not still exchanged from bank branches. This was one of the main doubts for people who have not still exchanged old notes.
They thought that they have still lot of time till 30th December 2016 and there is no need to rush to banks to exchange old cash. Old notes exchange last date was suddenly changed to 24th November 2016. With implementation of this decision old currency notes of Rs.500, Rs.1000 denominations can be only deposited in bank accounts. Limits on exchange of old notes was first allowed Rs.4000 once per person from 10-11-2016. Later exchange limit was increased to Rs.4500. When it was noticed that people started exchanging old notes from different banks, it was decided to bring a stop to it.
Exchange limit per person was changed to Rs.2000 and ink mark on finger was made compulsory on everyone who exchanges old currency. There were news reports that Black money holding people were using help of mafias to exchange old notes to get new currency notes. Such mafias used thousands of people to stand in queues and exchange old notes. To bring a stop to such malpractices being done in India, it was decided to make old notes exchange last date to 24-11-2016 without any previous notification. This sudden implementation comes as a blow to everyone who was indulging in such activities.
Now old currency notes can be only changed through savings accounts of customers. So for all deposits into savings bank accounts with KYC details there will be proper monitoring. All deposits from 8-11-16 to 30-12-16 that exceeds Rs.2,50,000 (2.5 lakhs) will be checked by Income Tax department. Along with this there is weekly withdrawal limit kept on all bank accounts up to Rs.24000 per week. ATM withdrawal is only up to Rs.4500 per day from 1-1-2017. Through these measures it’s ensured that black money does not get deposited and withdrawn.
Now old notes can be used for paying electricity or water bill charges. For student fees old notes up to Rs.2000 can be used. Last date for using old notes in petrol pumps was till 24-11-2016 and now petrol pumps will not accept it.
Old notes exchange last date in banks and what to do after that ?
New ordinance passed making it illegal to hold old currency notes after 31st March 2017 is known as The Specified Bank Notes Cessation of Liabilities Ordinance.
After 30 December 2016 old Rs.500, Rs.1000 notes can be exchanged at Reserve Bank of India exchange facilities on giving ID proof.
ATM withdrawal limit in bank accounts has been raised from Rs.2500 to Rs.4500 per day.
Over the counter exchange of old notes through Banks was till Thursday, 25-11-2016. There was no previous notification that note exchange through banks will end on 25th November 2016.
There is nothing to worry. If you have cash which is legally got and have source of income, then you can deposit old currencies of Rs.500, Rs.1000 to your bank accounts.
Old Notes Deposit Last date
As per old circulars old notes exchange last date was 30-12-2016 through banks. But now it’s changed to 25-11-16. So a new doubt has come to everyone’s mind. Will Central Government make any changes to old notes deposit last date in India. It is said now that old currencies can be deposited till 30 December 2016. With recent changes in withdrawal limits, exchange limits.etc. anything can happen. Those who plan to deposit old currency in their bank accounts have to do it at earliest without waiting for last date.
It’s a shocking decision for whole country, who thought that exchange limit of old currencies will be changed due to nation wide protest by political parties.
Nation wide Hartal, bandh were called by political parties on Monday, 28 November 2016. It’s a protest against Narendra Modi led BJP-NDA government who did demonetization of currencies of Rs.500, Rs.1000.
Strict action against Co-operative banks in India was criticized by LDF, Congress parties in Kerala. It’s considered that lot of black money deposits are in Co-operative banks in Kerala, Bengal and various other states. This was why Central government is strict and has ordered investigation regarding deposits in these banks.
Ministers of Kerala planned to go to Delhi to meet Narendra Modi. But primie MInisters office did not give permission to them to meet Narendra Modi and asked them to meet Finance minister Arun Jaitley instead. This lead to LDF Goverment decide to conduct hartal on 28-11-16.