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Banks to remain open this weekend post ban on Rs.500 and Rs.1000 notes

Demonetisation of the old currency notes of Rs.500 and Rs.1000 has posed a lot of short time problems for the countrymen. However, at the same time the government is trying their best to make the situation easier and more convenient for citizens. Here are some new updates on the same.

Banks open for this weekend

Anticipating a rush, the Reserve Bank of India has asked banks to stay open for the weekend. Thus, banks will remain open for public for this weekend that is on Saturday, November 12 and Sunday, November 13. Even office-goers can utilize their off days for exchanging old currency with the new ones and to deposit all the old currency notes they have.

banks

No tolls on national Highways

You will not have to pay toll on any national highway up to Friday, November 11.

Use your old currency for

Use your old Rs.500 and Rs.1000 notes to buy LPG cylinders, medicines at pharmacies, on-board railway catering and for tickets at ASI monuments till Friday, November 11. Delhi metro stations shall also accept these old currency notes till Nov 11.

Government won’t target those who put in up to Rs.2 lakhs

The income tax department would monitor all cash deposits and raise penalties in case the funds don’t tally with your tax returns. But housewives, small businesses and workers can deposit Rs.1.5-2 lakh in their bank accounts without facing any harassment as the government understands how the housewives and workers make savings in cash.

Jewellers warned to note PAN card details

jewellery

Jewellers have been warned not to sell gold or jewellery without noting the buyer’s PAN number. Actions will be taken against jewellers who will not have PAN numbers of their respective buyers.

200% penalty on deposits of over Rs.10 lakh

The deposits of over Rs.10 lakh and unaccounted cash that will not match with returns will be treated as a case of tax evasion. According to Section 270(A) of the Income Tax Act, the individual will have to pay the tax amount plus a penalty of 200% of the tax payable. People with unaccounted cash will be allowed to come clean after paying the 45% tax and penalty against the peak income tax rate of 30%.

Also Read:

How is Rs.500 and Rs.1000 notes ban affecting the common man of India?

Rs.500, Rs.1000 notes banned: All You Need to Know and Do Now

ATMs started dispensing new Rs.500 notes, Latest updates

 


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