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Important updates on Currency Demonetization that you might have missed!

Updated on: 21 Sep, 2023 10:20 AM

It's been a week since PM Modi announced the biggest decision against corruption and the updates continue to knock us every day. The highlight of important update are:

  • The Secretary, Economic Affairs Mr. Shaktikanta Das has announced that the banks will now mark an indelible ink on the finger of the people exchanging old currency with new ones to stop them from coming back repeatedly and choke queues.
  • The Jan Dhan accounts with deposits above Rs 50,000 will also be closely monitored for identifying parking of illegal incomes.
  • For a little convenience in the daily and emergent chores, the old tender will be accepted till 24th November, 2016 for payment at government hospitals and pharmacies purchase of medicines on doctor prescription, purchasing railway tickets at railway station, metro rail ticket counters and catering inside trains, purchasing air tickets at airports, travelling in public transport, paying utility bills, payments at government milk booths, consumer cooperative stores recognized by the government and crematoria / burial grounds, purchasing petrol at recognized petrol pumps, payment for ASI monument entry tickets and purchasing LPG gas cylinders.
  • The non levy of toll tax on all highways has been extended upto 18th November, 2016.
  • The parking charges at airport will also be not levied upto 21st November, 2016 and the customer charges on all transactions done at ATM have been waived upto 30th December, 2016.
  • The business entities having operationalcurrent accounts for the last three months or morewill be allowed to draw Rs.50,000/-per week irrespective of the number of transactions.
  • Other limits have also been increased for individuals:
    • From Rs. 2000/- to Rs.2500/- per day for withdrawal from ATM;
    • From Rs.4000 to Rs. 4500/- for exchange limit;
    • From Rs. 20000/- to Rs.24000/- for weekly withdrawal limit and Rs. 10000/- per day limit stands withdrawn.
  • Separate queue for senior citizens and divyang persons and also two separate queues for exchange of currency and banking transactions for other persons.
  • Special arrangements have been made for opening new bank a/c's in remote areas and certain mobile banking vans &banking correspondents are available for emergency transactions.
  • In case, you face any problems such as people not accepting cheques or DD's, then you can lodge a complaint to the district magistrate.
  • Finally, since the people are busy in understanding what is actually happening, the time limit for Government Pensioners to submit the Annual Life Certificate has been extended upto 15th January, 2017 which is usually due in November every year.

If you’ve any doubt or want expert CA advise and save yourself from Income Tax Notices, Penalty, etc., then consult our expert CAs right away! Just visit give us a call at 9116684439!

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.