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Foreign citizens (i.e. foreign passport holders) can exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016 subject to the tenderer submitting a self-declaration that this facility has not been availed of during the week.
From the reports, it is seen that people who have lot of unaccounted money in the form of old Rs. 500 and Rs. 1000 notes have resorted to so many clandestine ways to convert their holdings.
Every Coin has two sides, One is Good and other is Bad. Same way Demonetization Scheme has two sides, one is Positive and other is negative.
The Reserve Bank of India laid down a detailed procedure for the exchange of the demonetized banknotes with new ₹500 & ₹2000 bank notes of newly issued series and ₹100 bank notes of previously circulated series.
Central Government hereby further amends notification of the Government of India, in Ministry of Finance, Department of Economic Affairs number S.O. 3407 (E) dated 8th November, 2016 published in Gazette of India
FM Shri Arun Jaitley said that one of major objectives of withdrawal of legal tender status on Rs. 500 and Rs. 1000 notes was to move Indian economy further towards digital transactions.
I appreciate intention of Government for demonetization of currency as it might have taken in good spirit for betterment of people as well as our nation. However, following questions/issues which are being circulated through media / social media still remained unanswered which is raising doubts in the minds of common man and need to be clarified :
In order to help passengers and incentivise the payment through credit/debit/cash cards instead of cash payment for booking of reserved tickets, Service Charge shall not be collected on booking of e-tickets/ i-tickets from 23rd November to 31st December, 2016.
Banks are therefore advised to take appropriate steps in order to meet this likely demand for cash by: (i) for pensioners (ii) for Armed Forces personnel.
Demonetisation: Article discusses do Central Government exceeded its powers under RBI Act by allowing hospitals, petrol pumps, etc to accept invalid notes?
