Here are answers for 25 questions on currency ban
- This post has answers for queries from deposit limit to withdrawal confusions
- Useful information for those working, unemployed, farmers, tax-defaulters
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- How much money can be deposited?
- No limit on deposit
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- Will the bank give entire deposited money in cash?
- No, you can withdraw ₹4,500 in cash, the rest will be in your account
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- What if you need more than ₹4,000 in cash?
- You can get your money through cheque, DD or online transaction
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- What if you have no bank account?
- Show your identity card (voter’s ID, Aadhar card etc) and exchange the money
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- Will any bank exchange money?
- You can exchange money in any bank with the help of your identity card, no matter where you have the account
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- Can relatives exchange your money for you?
- Yes, you can. But it is better and safe to do it yourself
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- How much money can be withdrawn from the ATM?
- You can withdraw ₹2,500 per day from the ATMs
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- Can you deposit demonetised notes in the ATM?
- Yes, you can, till further notice
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- What is the maximum limit to withdraw through cheque?
- ₹10,000 per transaction (₹24,000 in cash per week)
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- Any other ways of banking?
- NEFT/RTGS/IMPS/Internet Banking/Mobile Banking
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- Is service tax applied while withdrawing from other ATMs?
- No service tax for withdrawals from any ATM till December 30
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- Why are banks inking the fingers after transaction?
- To prevent same people from making multiple deposits
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- What is the maximum limit for deposit in Jan Dhan account?
- No limit, but you need to show proper documents
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- What to do with the ₹500 and ₹1000 currency notes?
- Pay your bills and taxes in government offices Â
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- What about petrol bunks and medical stores?
- They have to receive old notes till further notice, else action will be taken against them
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- Is there a scarcity of cash in banks?
- No need to panic, banks have sufficient cash
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- Any exemption to withdraw money for events like weddings?
- No. You have to make an online transaction
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- What if you don’t have a pancard?
- No need to have pan card to deposit less than ₹50,000
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- What if debtors pay back money and we end up getting huge amount of cash?
- Take the money and exchange it in the bank. There is no problem if you have proper documents supporting this transaction
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- How much money can unemployed people deposit?
- Up to ₹2,50,000
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- What about farmers?
- Farmers growing commercial crops can show a maximum of ₹1 lakh income per hectare
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- What about farmers not growing commercial crops?
- They can show an income of ₹25,000 per hectare and deposit up to ₹2,50,000
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- What about depositing the money acquired by selling land?
- If you have registered the property, you can deposit it in the bank without any problem
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- What should a shopkeeper do, if consumers only have demonetised notes?
- In such cases, till further notice, take the money but keep the bill. Exchange the money by producing the bill in the bank
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- What about those businessmen who have not paid tax so far?
- Consult a chartered accountant, submit the necessary documents and pay your taxes