Deadline to deposit old notes ends | Fusion - WeRIndia

Deadline to deposit old notes ends

Deadline to deposit old notes ends

After the demonetization, the citizens of India were given a period of time to deposit their old notes in banks. The banks saw huge lines of people waiting to deposit their money so as to not lose it. The deadline to deposit old ₹500 and ₹1,000 currency notes ended today.

However, if anyone still wants to exchange their old notes they still have time to do so until March 31 at the designated Reserve Bank of India (RBI) counters. But, people must give proper reasons as to why they didn’t deposit earlier.

Also it is important to know that from today, it is illegal to possess banned notes and one may get a heavy fine for carrying them.

If anyone provides wrong reasons when depositing, they are liable for a fine of ₹5000 or five times the amount.

PM Modi is set to address the nation in a few hours. It is expected he would talk about the moves post-demonetization.

Since the demonetization, this will be the second time Modi is addressing the people. The last time, he asked people of India to give him 50 days of time to get accustomed to a cashless economy.

On November 8, Prime Minister Modi said that the more cash is in circulation, the higher the corruption. He said that inflation is increased when cash earned in corrupt ways is used more.

After the demonetization, there have been several changes in policy to help people. The government allowed farmers to buy seeds with old ₹500 currency notes. Farmers were also allowed to withdraw up to ₹25,000 per week from their KYC-compliant account.

However, after reports of abuse of Jan Dhan accounts, RBI capped the withdrawal limit to ₹10,000 per month. Government employees up to Group C were also allowed to draw ₹10,000 salary in advance in cash.

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