BackNew cash withdrawal, deposit rules as of November 18
Here are the highlights and updates on the government's rules following the demonetization of ₹ 500 and Rs1,000 notes
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New Delhi: Ten days after Prime Minister Narendra Modi government announced the demonetisation of Rs500 and Rs1,000 currency notes to fight black money, new rules have cropped up on cash withdrawals and bank deposits. The government has come up with rationing measures that are aimed at ensuring an equitable distribution of new currency notes. Many ATMs have started disbursing new Rs2,000 notes, but overall the supply of smaller denomination notes remains short. A shortage of Rs100 notes is sure to adversely impact a range of daily economic activities dependent on cash transactions. In addition, the ruling establishment’s crackdown on ways to prevent the hoarders from turning black money into white continues.
Here are the ten highlights of the day:
1. Banks will not exchange decommissioned notes for non-bank non-bank customers on Saturday; senior citizens are exempted, says the Indian Banks Association
2.Cash deposits by housewives, workers too will face tax scrutiny, says Finance ministry.
3.The Supreme Court on Friday expressed reservation on Centre’s plea for direction that no court except apex court hears pleas on demonetisation notification.
4.The Election Commission (EC) has raised its concern over the use of indelible ink to check multiple exchanges by people at different bank branches after the notes ban. Bye-elections for some Parliamentary and Assembly Constituencies are currently in progress and voting will be held on Saturday.
5.Now 2,500 petrol pumps with SBI PoS terminals can disburse cash of up to a limit of Rs2,000 by swiping debit cards.
6.Stamp duty collection in Maharashtra has dropped by 37% after the Centre demonetised high-value notes 10 days back.
7.Beginning today, the amount of old Rs500 and Rs1000 notes that can be exchanged at bank branches is reduced to Rs2,000 for one person from Rs4,500.
8.The revised withdrawal limit for wedding purposes stands at Rs2.5lakh from bank account of one family member, while farmers can withdraw up to Rs25,000 per week.
9.Registered traders with APMC (agricultural produce market committee) can withdraw Rs50,000 per week to meet their sundry cash requirement, while Central government employees up to Group C can withdraw advance salary of Rs10,000 that will be adjusted from their November salary.
10.The RBI has asked banks to waive off charges on all ATM transactions till 30 December.
11.PAN is now mandatory for cash deposits above Rs50,000 in a day limiting the ability of tax evaders to make multiple deposits of less than Rs50,000 without providing their PAN—a common practice at present.
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