500 and 1000 RS note officially will be banned from mid night 8th November 2016. One of the m However present currency can be deposited in banks and post office from 10th November to 31 December 2016 why RBI is issuing ₹2000 Rupees Notes * The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a *NGC (Nano GPS Chip)* *How the embeded NGC Technology Works?* The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note
However will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
Just a beginning of the end of black money in India
Summary of the important announcement :
1. To curtail Black money issue, all existing Rs.500 rupees and Rs.1000 rupees banned from today Midnight.
2. ATM's will not work on 9th and 10th November so that Banks can withdraw all Rs.500 & Rs.1000 notes from ATM and make adequate provisions.
3. From 11th November, u can withdraw only Rs.2000 per day per card from ATM for first few days. Later, per day per card limit at ATMs will be increased to Rs.4000 per day.
4. All Residents have option till 30th December 2016, to deposit their existing cash notes of Rs.500 and Rs.1000 in their bank accounts or any Post Office.
5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
6. No changes in online, card, cheque or any other plastic money transactions. U can use ur debit or credit cards for online transactions of any limit.
7. On 9th November, all banks will remain closed. 8. New notes of Rs.500 and Rs.2000 rupees would come in market soon. Do not get panic & requesting you to bear little inconvenience for next few days, and contribute in curtailing corruption, black money & combating terrorism.
Recent Updates:
- Govt Clarifies Deposits Up To Rs1.5 Lakh-Rs2 Lakh Would Be Below Taxable Income,There Will Be No Harassment From Tax Dept For Small Deposits
- To take a note of deposits over Rs 2.5 lk up to Dec 30. (Cogencis)
- To levy penalty on non-tax paid deposits of over Rs 10 lk. (Cogencis)
- Tax plus 200% penalty to be levied upon deposits not matching income declaration.
- Cash deposits of jewelers would be scrutinized against the sales made to check whether they have taken PAN nos of buyers or not. Action to be taken against those Jewellers who fail to take PAN numbers from buyers to ensure this requirement is not compromised
To avoid AIR Info going from bank to IT Dept for inquiry later, Limit for Deposition of cash in bank is as under:
ONE SAVING A/C LIMIT:
Rs.49000 per day deposit and Rs.990000 in a year per SB Account
ONE CURRENT ACCOUNT:
Rs.199000 maximum per day deposit and Rs.49,90,000 maximum in a year per Current Account
Please note while doing deposits now do check how much you have already deposited from April 16 till today in respective account and deposit only balance amt as per above limit.
Please strictly follow above limit to avoid future Income Tax related Notices and complications.
Also check whether CORRECT PAN is Updated in each of your Account.