New Notes are already now in market, take a look
There is nothing not to panic; your money will remain yours
There was a manic rush outside most of the banks today. People were spotted standing in long queues as early as 6 a.m to get the 500 and 1000 notes exchanged from the bank. Some of them have got new notes and are flaunting it.
Ever since the government announced that the notes of 500 and 1000 have been scrapped people are going crazy, but one needs to understand few things as there is nothing to panic.
While some are still waiting for their turn. On the other hand, some are happy because they have now got new notes and they are leaving no stone unturned to flaunt it.
You also take a look how people are flaunting their new notes.
Here are five things that you need to know get your money exchanged
If you want to get your money exchanged upto 4000, you can go to any bank you just need to carry identity proof
No tax would be taken in the deposits upto 2 lakhs
Although, personal visit to the banks are more preferable, but if it is not possible you can send your representative with all the mandate information
Whosoever is an NRI or NRO can deposit their notes in their NRO account
Even if you don’t hold a Bank account, you can still get your money exchanged you just need to fill one for and show your identity proof
Indians need to understand that there is nothing to worry; your money will remain yours. This major step is taken to combat Black money and corruption from India.
One needs analysis long term effects because this will surely help all of us. And we all must thank Mr. Modi for this commendable step.
Apart from it, to make all the procedure easy banks will work for longer hours. They will remain open on Saturday and Sunday. Even new representatives and retired employees are also been approached for working in Banks to handle the crowd.