An overnight initiative was taken by the Indian government to curb black money. Yes, the news that is available on every news channel, social networking sites, and people moving around, who are finding it tough to carry their everyday task with difficulty.
Immediate ban of Rs.500 and Rs.1000 notes has put Indian citizens on halt. This news came on the night of 8th November when everyone was busy in watching their favorite programs. Our honorable Prime Minister Shri Narender Modi left everyone in shock.
Let us have a look at things that every Indian must know about this ban:
- Every individual must deposit Rs.500 and Rs.1000 currency notes in the bank on or before December 30th, 2016.
- New currency notes of denomination Rs.2000 and Rs.500 will come into effect soon.
- The day after this ban, was put by Shri Narender Modi that is on 9/11/2016 and 10/11/2016, ATM would remain close for public work.
- At some places, the Rs.500 and Rs.1000 notes can be used in the case of any emergency like in Government hospitals but only till 11/11/2016 provided Doctor is ready to write an authority letter of the same.
- Airports would accept old currency notes until December 30, 2016.
- Till 11/11/2016, if anyone pays the old currency note of Rs.500 and Rs.1000, then places like Petrol pumps and retail outlets must record and capture every entry done in cash.
- Till 11/11/2016, Crematoriums and cemeteries will accept transactions in the old currency only.
- Payments via cheque, DD, credit or debit cards would not be affected by this ban.
- Liability has been given to the people who can’t deposit the old currency notes by can do it by the end of March 31, 2017, provided, he or she submits his or her ID proof
How NRI’s can Convert Their Old Currency Notes?
If you are an NRI and traveling from India with old currency notes, then you can exchange it to the local currency from nearby airports.
If you are an Indian and want to convert your money, then:
In the case, you are carrying Indian currency notes and living in some foreign country as of now, and then you can send your Indian currency through any of your friends or relative whom you can trust. He or she will deposit the money on your behalf and get it converted to a valid currency.
Authorize Someone Whom you Trust
If you are a foreigner and have your money in cash in India, then you can release an authority letter authorizing someone whom you trust. He or she will carry that letter, old bank notes, and a valid ID proof to get your money converted.
If you are planning to visit Indian before December 30, 2016, you can deposit your old currency notes in bank or post office.
If no plans for traveling to India as of now still you can get it converted till 30th March 2017 provided you submit your password and a resident proof detailing you were abroad during that period.