Race Game

New Delhi : Narendra Modi on Tuesday announced that Rs 500 and Rs 1,000 rupee banknotes would be withdrawn from circulation at midnight to crack down on rampant corruption
1)What are the restrictions on ATM withdrawals?

?ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.

?From November 10 till December 30 you can deposit the old notes at your nearest bank or post office accounts without any limit. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. 

?You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. must produce a valid government identity cards like PAN, Aadhaar and Election Card.Banks will remain closed on November 9 allowing them time to cope with the new directive.There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer

?It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs up to a maximum of Rs 2,000 per card per till November 18. The limit will be raised to Rs 4000 per day. Per card from November 19.

?Yes, specified bank notes can be deposited at cash deposits machines/cash recyclers.

?The scheme closes on December 30. The specified banknotes can be exchanged at branches of commercial banks, regional rural banks, urban cooperative banks, state cooperative banks and the RBI till December 30. For those who are unable to exchange their specified bank notes on or before December 30, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified railway stations, and air tickets at airports, within 72 hours after the notification.

7)What is more information?
?Narendra Modi said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Rs 1 and all coins will continue to be valid.

?The incidence of fake Indian currency notes in higher denomination has increased. For ordinary people, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash-based economy, hence, the circulation of fake Indian currency notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw the Rs 500 and Rs 1000 notes has been introduced.

?You will get value for the entire volume of notes tendered at the bank branches/RBI offices.

?The scheme does not provide for it, given its objectives.

?You can always open a bank account by approaching a bank branch with necessary documents.

?The exchange facility is available at all issue offices of the RBI and branches of commercial banks/RRBS/UCBs/state co-op banks or at any head post office or sub-post office.

?Yes you can go to any branch of your bank.

?Yes, you can do that if the account holder gives you permission in writing. While exchanging, you should provide to the bank evidence of permission given by the account holder and your valid identity proof.

?The legal tender character of the existing bank notes in denominations of Rs 500 and Rs 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof, these bank notes cannot be used for transacting business and/or storage of value for future usage. These bank notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any head post office or sub-post office.

?No. You will get up to Rs 4000 per person in cash irrespective of the size of tender. Anything over and above that will be receivable by way of credit to bank accounts.

?You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

?A Jan-Dhan Yojana account holder can avail the exchange facility subject to the caps and other laid down limits in accordance with norms and procedures.

?For exchange of up to Rs 4000 in cash, you may go to any bank branch with a valid identity proof.

For exchange of over Rs 4000, which will be accorded through credit to bank account only, you may go to the branch where you have an account or to any other branch of the same bank. In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

?Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds Rs 4000.

Valid Identity proof is any of the following: Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, identity card issued by the government, public sector unit to its staff.

?Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs 10,000 in a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) up to November 24, after which these limits. 

?If you have specified banknotes in India, you may authorise someone in writing, enabling the person to deposit the notes into your bank account. The person so authorised has to come to the bank with the specified banknotes, the authority letter given by you and a valid identity proof (valid identity proof is any of the following: Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, identity card issued by the government, public.

?You can purchase foreign exchange equivalent to Rs 5000 using these specified bank notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the specified bank notes.

?Mukesh Ambani-promoted Reliance Jio and other telecom operators are once again at loggerheads with Jio criticising the governments move to allow old Rs 500 notes to be used for pre-paid mobile recharges till December 15.

?Reliance Jio contends that the move will be misused at the retail level.

?The members of cellular operators association (COAI), however, disagree. They say, "governments decision to allow old Rs 500 notes to be used for pre-paid mobile recharges will address difficulties being faced by consumers, and allow them to continue using mobile services without disruption."

?Some industry people have voiced Jios concern as genuine, given the lack of clarity on the issue. They say the move can fuel money-laundering operations as retailers could run exchange services and earn commissions on multiple top-ups with old notes.

?An industry executive told the Economics Times, "A truant retailer in a Tier 2/3 town or a village can easily prey on an ignorant customer by saying that the government is only allowing top-ups up to Rs 500, but that he is ready to offer multiple recharges for a commission to help them dispose of defunct cash".

?The move to demonetize the Rs. 500 and Rs. 1000 note was meant to be a death knell for black-marketers and black money. How successful the government is in this venture will be seen only after the dust has settled down.

?Reportedly, some government officials also shared similar concerns, but relented since this move would help ease the cash crunch.But Jios user acquisitions could take a hit if prepaid users of incumbent telcos load up with talktime for a few months in advance. An industry executive said that such a scenario would reduce the immediate appetite for Jio’s offerings.

?On November 29, the government allowed old Rs 500 notes to be used for pre-paid mobile recharges. As per industry estimates, the recharges and top ups for pre paid mobile services had fallen 30-50 percent as consumers struggle with less cash in hand in the aftermath of the governments move to scrap old Rs 500 and Rs 1,000 notes.

NEW DELHI, DECEMBER 8, 2016:  Income Tax officials today said they have post-demonetisation uncovered several cases of fraud including one wherein a syndicate was exchanging old currency notes for 35 per cent commission.

?They also found a case in Nagpur where a large sum of money was deposited in a bank account without the knowledge of the account holder and seven accounts were being fraudulently operated by unknown persons to launder Rs. 4.25 crore. Central Board of Direct Taxes said some investigations at Mumbai found that a syndicate of ground-level operators was converting banned currency notes into legal tenders for a commission.

?As part of the operation, Income Tax Investigation Directorate sent out a few decoy customers seeking to exchange banned currency notes into new notes.

?"The syndicate, acting through its mediator, agreed to the exchange for a 35 per cent commission. The mediator was caught red handed and new currency notes aggregating to Rs. 29.5 lakh were seized," the CBDT said in a press release.

?Another investigation into cash deposits in a bank account in Nagpur revealed that the account holder had no knowledge of the existence of her account where Rs. 3.29 crore had been deposited after November 8.

?Inquiries by the Department revealed 6 more such accounts in her and her parents names. The 7 accounts were opened and operated by unknown persons to launder cash of Rs. 4.25 crore.

?"Evidence gathered suggest that copies of PAN and other personal documents that she handed over to a friend a few years back were used to fraudulently open these accounts in Kolkata, which were operated to channel suspicious funds to 8 beneficiaries, who are now being investigated," CBDT said.

?In Ahmadabad, the IT sleuths uncovered 24 cartons in the go down of the transporter meant for transport to Delhi were found. Lorry receipts declared these to contain firecrackers.

?When the cartons were opened and examined, two cartons were found to conceal currencies in the denomination of Rs. 100 aggregating Rs. 27 lakhs.

?Investigations revealed that the syndicate included many ground level operators (GLOs) — mainly local youths led by a master aggregate and a mediator. The mediator would seek customers.

?The GLOs would withdraw new currency in their own names or names of friends and family within the prescribed weekly limits, pass it on to the aggregator for a commission and deposit the old notes in their own accounts or accounts of family or friends in small sums.

?On interrogation, the con signer claimed that the cash was on account of sale of firecrackers being transported to Delhi for the purchase of fire crackers. The cash has been seized, CBDT said.

?Post the demonetisation of 500 and 1,000 rupee notes on November 8, the tax department has been extensively conducting search and seizure operations to unearth black money.