Finally, the last day to deposit banned currency notes into bank accounts has arrived. You can deposit banned notes by visiting nearest bank only today as from tomorrow, you will only be allowed to deposit/ exchange old currency notes in any of the Reserve Bank of India’s branches.
To recall, Prime Minister Narendra Modi banned Rs. 500 and Rs. 1000 banknotes on November 8 as a massive fight against corruption. Government provided 50 days time to the people of the country to deposit or exchange their currency by visiting nearby bank or post office branch. A lot of rule were imposed on daily basis to handle the pressure and to tackle the currency crisis situation.
Governemnt, recently, passed an ordinance according to which, keeping more than 10 banned notes in any currency will come be served as a crime. If caught, you will be fined Rs. 10,000 or five times the amount caught, whichever is higher.
After today, people who are unable to deposit their currency because of certain exceptional circumstances will be allowed to deposit the same in any of the RBI (Reserve Bank of India) branch. This exception is only for people living abroad, or living inaccessible areas, or in military.
According to the RBI, more than 13 lakh crores have been returned in old currency since November 10. The government’s decision of banning Rs. 500 and Rs. 1000 banknotes took out almost 86 percent of the money in circulation.
Prime Minister Narendra Modi will be addressing the Nation tomorrow on New Year’s Eve. It’s expected that he will speak about the demonetisation and ask the people to go cashless in 2017 beside wishing Happy New Year.