Where to use the Rs 2000 notes, people in dilemma?

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New Delhi: Unlike last week the banks across the country will not be open this week on Sunday, it will remain closed on Sunday, whereas cash withdrawal will be possible through ATMs.

It has been more than 10 days since the bank employees has been working almost completely to help smooth implementation of the demonetisation and public do not face any problems. The banks are operating as normal as it used to be. Though this week the quos at the ATM’s may sore up in this wake.

Looking at the current rush at the banks, there has been overall decrease in people going to the banks as the situation is improving. On Saturday, all banks functioned during the normal working hours and allowed the exchange of old 500 and 1,000 rupee notes for their own customers and Senior citizens people and not for people who hold accounts in other banks. 

Though the lineup of people at banks and ATMS have decreased drastically, however there Is other problem popped up. People mostly have got case from the banks and ATM’s in the denomination of 2000. This is the big issue, they don’t know where and how to spend this money.

As people are still not much comfortable with the debit and credit cards, it is less in use. Also for the purchase fewer than 100, cards are not supported around. Talking to some shopkeeper in Bangalore, shopkeepers  say that sale has gone much down. The shopkeepers are not able to provide change to the customer and often customer goes back. If the swipe machine is down at these shops, then the shopkeepers will not be able to return change on purchase of above 500 as well, as they do not have any change for Rs 2000.No shops have change to return them back the change

Monday onwards, all customers will be allowed to exchange currency at a branch of any banks and can expect Rs 500 and other lower denomination notes.

Older development

Since Prime Minister Narendra Modi's sudden announcement on November 8 to ban high-denomination notes

Banks have been asked to use indelible ink, just like in elections, to ensure people are not exchanging more cash than is permitted.

PM Modi's "demonetization" drive aims at curbing tax evasion, corruption and forgery.  

After reviewing the situation on a day-to-day basis, the government and the Finance Ministry has changed the cash withdrawal and exchange rules several times to make it more convenient for the common public.

The RBI:  limit of exchanging old notes into new ones at bank counters only once till December 30. 

The new norm came into effect from Friday, November 18. However, there is no limit on making bank deposits.

Also, government has cautioned Jan Dhan account holders, housewives and artisans that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till December 30.

The directive comes against the backdrop of reports that some are using other persons' bank accounts to convert their black money into new denomination notes. In some cases, even rewards are being given to account holders for allowing such misuse.



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