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Rs. 500 and Rs. 1000 denominations of banknotes of the existing series and any older series issued by RBI till 8th November, 2016 ceases to be legal tender under Section 26 of the RBI Act, 1934 on the expiry of 8th November, 2016.
Existing exemptions for acceptance of old Rs.500/- and Rs.1000/- notes for certain types of transactions are being extended beyond 14th November, 2016 midnight up to 24th November, 2016 mid night.
Well, who in their wildest dreams would’ve thought that Swach Bharat Abhiyaan could even extend its broom to clean up money at such a macro-economic level?
Actual demonetization process- Step 1 : Convert all the black money to white by charging people a specific rate of tax, and depositing all of it in banks. (Leads to huge deposits in banks)
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limit of ₹ 20000/- for withdrawal from bank accounts increased to ₹ 24000 & daily limit of ₹ 10000/- per day stands withdrawn.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
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
