Indian Government has taken shocking and big decision against black money and fake note. From Tuesday midnight all Rs. 500 and Rs 1000 notes are discontinued by the Indian Government. Whole country shocked with this decision and nobody has time to exchange old Rs. 500 and Rs. 1000 notes.
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It is a big step to stop black money and fake notes in the market all Rs. 500 and Rs 1000 notes are banned in the market. Today all banks and ATM are closed but from tomorrow onward all old notes will be exchange from the banks and post office. But the limit of exchange of all old notes is Rs. 4000 for a day and you have to carry your Votor card, Driving licence, Aadhar card to exchange the money.
Big Decision against Black Money and Fake Note
Central Government of Indian take big decision against black money and fake note. We have to know few important things which is related to this big decision.
Q. What happens about your old notes?
A. There is no need to worry, if you have Rs 1000 or Rs 500 old notes then you have 50 days time to deposit them. You have to deposit your old notes in the banks from 10th Nov 2016 to 30th Dec 2016.
Q. Can we exchange big note with small notes?
A. No. If you want to exchange your Rs. 1000 or Rs 500 old note then you have time between 10th Nov to 24th Nov 2016. After that exchange of these notes are not allowed, that means you have only 15 days to exchange your notes.
Q. How much money we have to exchange?
A. You have to exchange your old notes from any bank or post office. But the daily limit of exchange the notes is up to Rs. 4000 only. You have 15 days time to daily exchange Rs 4000 from any bank or post office. That means you have to exchange up to Rs. 60000 from any bank or post office within 15 days.
Q. If you failed to deposit old notes in the bank or post office within 50 days then what action is taken?
A. If you don’t have enough time to deposit all your old Rs. 1000 and Rs 500 notes within 50 days then there is no need to worry. If you failed to deposit your old notes up to 31st Dec 2016 into the bank then you have to deposit your money up to 31st March 2017 as per all those office which is selected by the Reserve Bank of India.
Q. What About the Debit and Credit Card?
A. All transaction are continued with Debit and Credit cards. From tomorrow onward all ATM and Banks are opened and you can use your plastic money. You can also use cheque or draft for any transaction.
Q. What about old notes of Rs. 1 to 100?
A. If you have old notes of Rs. 1 to 100 then you have to use them on regular basis. All those notes which are related to Rs 1 to Rs 100 are not banned by the Indian Government.
Q. How much money withdrawal from the ATM or Bank?
A. You can withdrawal up to Rs. 2000 from any ATM or Bank from 18th November 2016. After few days withdrawal limit will be increased by the Banks.
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Indian Government has taken big decision against black Money and fake note. We have to face little bit problem due to this decision but main problem has to face by all black money holders. So, there is no need to worry about this decision and we have to give our support our Indian Government.