Demonetization has been shaking the buy-and-purchase pattern
of Indian economy since 9 November 2016. But now, cash transactions are making
their comeback gradually. The situation of cash crunch is going under control a
bit.
To let the laymen as well as non-residents heave a sigh of relief, the Reserve Bank of India (RBI) has revamped note-ban policies. From 28th February, 2017, the revised demonetization policies shall be executed.
To let the laymen as well as non-residents heave a sigh of relief, the Reserve Bank of India (RBI) has revamped note-ban policies. From 28th February, 2017, the revised demonetization policies shall be executed.
- RBI has granted grace period to emigrants, who were not physically present in India between 6th November, 2016 and 31st December 2016 for exchanging their money from its branches in New Delhi, Mumbai, Chennai, Kolkata and Nagpur till 31st March, 2017. Whilst, non-residents of India (NRIs) have more grace period till 30th June, 2017 for exchanging junked currency.
- The NRIs have to showcase the sources of the scrapped currency notes. Then only, they will be able to get the sum exchanged. For doing so, the RBI asks for the stamped declaration from customs at the time of entry in India.
- The weekly cash withdrawal will be revised from 28th February 2017. The cash-withdrawal limit on saving account shall be raised from the current INR 24,000 to INR 50,000 per week.
- Withdrawal shall be exempted from all limits from 13th March, 2017. It implies that bank account holders will be able to withdraw their deposited amount up to the limit that their will allows.
- Current account holders can enjoy unlimited withdrawal through ATMs since 1st February, 2017. Earlier, the withdrawal from this kind of account was enhanced from INR 50,000 to INR 100,000 from 16th January, 2017.
- The tax department has gone active. It has sent circular to all banks regarding reports of deposits. Since demonetization was introduced to stop black-money parking, the tax department is keeping hawk-eyes on the accounts that aggregated INR 10 lakhs in a year and also paid cash worth INR 1 lakh or more on credit bills.
- Since deposition of scrapped notes of 500 & 1000 has been discontinued, the upkeep of such currency notes shall be considered as an offence. The keeper shall be responsible for facing off penalty.
- However, OCIs and PIOs can’t enjoy the grace period for exchanging scrapped money. The Indian diaspora has filed a petition in this regard to the honourable prime minister of India.
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