Must Read before going to change Currency in Banks

After imposing ban of Rs. 500 and 1000 notes govt. has released some guidelines for the clarity of issue. 

According to this Deposits made in the banks above Rs 10 lakh are to be treated as cases of tax evasion and along with imposing tax an additional penalty of 200 percent will be levied on deposits that don't match their tax declarations. 

If someone deposit up to Rs 2 lakh, it would be below the taxable income and there will be no harassment from the Income Tax department for such small deposits but

the government will get report of cash deposits above Rs 2.5 lakh which are made between November 10 to December 30.

Specially,Deposits made above Rs 10 lakh are to be treated as cases of tax evasion and along with imposing tax an additional penalty of 200 percent will be levied on deposits that don't match their tax declarations.

Deposits made above Rs 10 lakh are to be treated as cases of tax evasion and along with imposing tax an additional penalty of 200 percent will be levied on deposits that don't match their tax declarations.

Read more at: http://www.moneycontrol.com/news/economy/demonetisation-deposits-above-rs-10-lakh-to-be-presumed-as-casestax-evasion_7936961.html?utm_source=ref_article

 

the government will get report of cash deposits above Rs 2.5 lakh which are made between November 10 to December 30.

Read more at: http://www.moneycontrol.com/news/economy/demonetisation-deposits-above-rs-10-lakh-to-be-presumed-as-casestax-evasion_7936961.html?utm_source=ref_article

Deposits made above Rs 10 lakh are to be treated as cases of tax evasion and along with imposing tax an additional penalty of 200 percent will be levied on deposits that don't match their tax declarations.

Read more at: http://www.moneycontrol.com/news/economy/demonetisation-deposits-above-rs-10-lakh-to-be-presumed-as-casestax-evasion_7936961.html?utm_source=ref_article

Deposits made above Rs 10 lakh are to be treated as cases of tax evasion and along with imposing tax an additional penalty of 200 percent will be levied on deposits that don't match their tax declarations.

Read more at: http://www.moneycontrol.com/news/economy/demonetisation-deposits-above-rs-10-lakh-to-be-presumed-as-casestax-evasion_7936961.html?utm_source=ref_article

Deposits made above Rs 10 lakh are to be treated as cases of tax evasion and along with imposing tax an additional penalty of 200 percent will be levied on deposits that don't match their tax declarations.

Read more at: http://www.moneycontrol.com/news/economy/demonetisation-deposits-above-rs-10-lakh-to-be-presumed-as-casestax-evasion_7936961.html?utm_source=ref_article

Today on 08-11-2016, Prime Minister Narendra Modi announced the Govt's decision about demonetization of Rs 500 and 1000 currency notes with effect from midnight 08 Nov 2016, decalring these notes invalid to curb black money, fake currency and corruption.

So, for the help of Indian Citizens we would like to highlight some important points before you rush to change your 500& 1000 Currency notes.

• Banks will be closed today (09-11-2016) for public transactions.All ATM will be closed till 10th Nov, said PM Modi - to allow banks to make changes.This is done to calculate the treasury in all banks so the respected new currency can be provided.
• People can deposit old notes of Rs. 500 or Rs. 1000 in banks or post office accounts from November 10 till December 30, 2016 without any limit. The limit you can exchange is Rs. 4000 upto November 24.Lateron there will be a limit on withdrawal of Rs. 10,000 per day and Rs. 20,000 per week. This limit will be increased in the coming days. People should carry their Aadhaar card and PAN Card when you go to exchange notes. 
• Tourists can change notes at airports also.
• Necessary services will be exempted from this ban till 11th Nov 2016 like petrol stations authorised by public sector oil companies, Hospitals, Medical Stores, milk booths and crematoria and burial grounds.
• Except notes of 500 & 1000 all other notes of Rs. 100, 50, 20, 10 and lower denominations will all continue like before.
• Online transactions and card payments will not be affected at all.
• RBI will soon issue  new currency of 500 and 2000 with new security features.