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limit of ₹ 20000/- for withdrawal from bank accounts increased to ₹ 24000 & daily limit of ₹ 10000/- per day stands withdrawn.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
GST implementation in India has a new deadline of 16th September, 2017. This has been aired by FM that anyhow GST will be implemented in India not later than the said date.
Maharashtra Value added tax dealers may also pay the amount under clause (a), during the period the bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner
Old notes of.Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been deposited to banks. There is sufficient cash available with RBI and Banks.
One of the primary objectives of cancellation of legal tender character of old series of Rs.500/- and Rs.1000/- notes was to check the menace of terror financing through counterfeit currency notes
Probable Reasons as to why the new Rs. 2,000 notes are being issued and actions already being taken before demonetization:
Initial conditions to be satisfied : 1. Minimum having seven partners, 2. Minimum share capital for private limited is Rs. 1,00,000, 3. No. Of directors shall be 2 or more., 4. Provision contained under section 47(xiii) needs to be adhered and the same is reproduced as below :
