Finance Ministry has reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken are as follows:-
The penalty of 200% is a reality and levied under section 270A of the income tax act, 1961 in cases of under-reporting of income or misreporting of income.
The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.
Weekly limit of ₹ 20000/- for withdrawal from bank accounts increased to ₹ 24000 & daily limit of ₹ 10000/- per day stands withdrawn.
The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements
