Today is the last day to deposit your old Rs 1000 and 500 notes
New Delhi, Old Notes Deposits: Today is the last date of the note deposit of the old currency value, as the 50-day closing date to deposit antique Rs 500, Rs 1,000 notes ends today on Friday, and people are still having a wish on an extension of the date.
Even as many count on the government to increase the closing date of December 30, 2016 for deposit of invalid Rs 500 and Rs 1,000 notes, the government has time and again reiterated that it has no plans to do so in increasing the dates. There are other plans also ahead which will be subsequently based on the note ban.
The central government, led by Narendra Modi had on November 8 demonetised 500 and 1,000 rupee notes and made request for the holders of such notes to either deposit them or exchange the old Notes in their respective banks between the period of November 9 to December 30. The objective of this demonetisation was to take out 86 percentage of the foreign money out of the marketplace.
With almost Rs 14 lakh crore out of the Rs 15.4 lakh crore well worth of 500 and 1000 rupee junked Notes already deposited in banks, the expectation that RBI might be able to supply a considerable dividend to the government of India, seems to be in a contradictory proposition, as from news information of other paper has mentioned.
Finance Minister Arun Jaitley, Rubbishing critics said yesterday stated the results of demonetisation have been now not as detrimental as was predicted and asserted that there was a quite high in tax collections.
He said that the re-monetisation procedure has appreciably advanced, substantially without a single incident of in the country. The Finance Minister refused to have a bet on the GDP growth for the year or the feasible impact on tax proposals in the budget for 2017-18, because of extended revenue collections.
Jaitley said a large part of the Rs 15.4 lakh crore of old high denomination notes in flow on November 8 have already been replaced and the Reserve bank of India (RBI) has a totally large quantity of currency available to guide any liquidity it wanted.
in the meantime, some days back before the deadline for depositing old 500 and 1,000 rupee notes expires, the cabinet on Wednesday authorised promulgation of an Ordinance to make possession of a huge range of scrapped banknotes a penal offence as a way to appeal to financial first-rate.
The desired bank Notes Cessation of Liabilities Ordinance makes retaining of old 1,000 and 500 rupee notes after March 31 past a threshold quantity a criminal offence with a purpose to entice a economic nice of Rs 10,000 or 5 instances the Notes held, whichever is higher.
So better rush to your nearest bank branch f you still don’t have not deposited your old notes, as 30 Dec is the last day to deposit you Old Bank notes of Rs 500 and 1000 Denomination.