With PM Narendra Modi’s recent announcement on scrapping the old notes of 500 and 1000 denominations, a wave of panic has run through the masses. Many people are frantically trying to think of ways in which their money can be exchanged.
First of all, calm down as there are definite ways through which your old notes can be exchanged for Rs 100 notes or the new notes of denomination 500 and 2000.
Download Exchange form Rs 500 1000
Here’s the request slip that you can download for the exchange of old denomination notes.
What more you can do with the Old Denomination Notes
- Carry a photocopy of you ID proof self attested with duly mention the reason so nobody else can use that except you.
- You can deposit the old notes at the nearest bank from November 10 till December 30, 2016, or in any nearest Post office.
- In case you are not able to submit all the old notes till December 30, 2016, you can submit a declaration form to the nearest designated office of RBI and can submit all the old notes there until March 31, 2017.
- It would be better if you write down the serial number of all the notes that you submit.
- Till November 24, you can exchange Rs 4000 and later this threshold limit will be increased.
- The limit to withdraw new notes will be Rs 10000 per day and Rs 20000 per week.
- Carry a pen with you to avoid the hassle.
- Submit the amount of money that you can explain to the tax department.
Cash deposit up to Rs 2.5 lakh is exempted from tax and mismatch is liable to a penalty of 200%.
Rest assured that people having black money would be having bad dreams and sleepless nights .
Jai Hind !!!