Everything you need to know about demonetisation in just 2 minutes
Following the government’s announcement on the currency ban of Rs 500 and Rs 1,000 notes, a series of new developments and improvisations were declared.
Press Information Bureau on Saturday put together a short video on ‘key info-graphics’ related to demonetisation and the facts and myths regarding the move.
— PIB India (@PIB_India) November 19, 2016
Here are a few other updates regarding demonetisation:
1. Deadline for depositing old Rs 500 and Rs 1,000 notes into bank accounts is December 30.
2. The exchange of old notes is allowed only once per person up till December 30.
3. Any deposit over and above Rs 2.5 lakh will be subject to 200% tax penalty
4. Account holders who agree to allow their accounts to be used for small deposits by others will be subject to pay income tax and tax penalties.
5. Farmers are allowed to withdraw up to Rs 25,000 per week against crop loans and payments from Agricultural Produce Market Committee (APMC) madis.
6. Withdrawal of Rs 2,50,000 will be allowed for wedding ceremonies from the accounts of either the couple getting married or their parents.
7. Traders registered with APMC will be allowed to withdraw up to Rs 50,000 per week.
8. Select petrol pumps now have points of sales (POS) dispensing Rs 2,000 by swiping your debit card.
9. Deposit of Annual Life Certificate for government pensioners deadline has been extended from November to January 15, 2017.