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Note Ban: You Can Make Use Of These Options Post 30 December 

What is going to happen post 30 December? Here are 5 points to address some of your concerns.

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30 December will mark the completion of 50 days since the announcement of demonetisation on 8 November. After this, the demonetised notes will no longer be accepted by any private or public bank.

The question that arises is what is going to happen to all the banned currency post 30 December? Here are five points to address some of your concerns.

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1. An Opportunity to Deposit Old Notes With RBI

You do not have to lose hope after 30 December. The government has extended the time limit to deposit demonetised notes till 31 March 2017. However such currency can only be deposited at an RBI branch.

According to this ordinance of the Central government, these notes will be considered illegal. If anyone is found in possession of them, they will be liable to a fine or arrests with imprisonment up to four years.

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2. Another Opportunity for Black Money Hoarders

The government has offered a final opportunity to black money hoarders. With adherence to the Gharib Kalyan Yojana, the black money can be turned into white if 50 percent of it is handed over to the government.

This percentage of the amount would be taken as tax and surcharge. This scheme began on 17 December and will last till 31 March.

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3. Out Black Money Hoarders in Emails

According to another government scheme, people can email the government names of those with questionable amount of property and money. The mails can be sent at blackmoneyinfo@incometax.gov.in.

The mail will have to state the name of the accused, address and information regarding the undisclosed income.

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4. Learn About Cashless Transaction Using Toll Free Helpline

The government will soon start a toll-free helpline, 14444, all over the country. It is aimed at solving problems related to transactions.

Additionally, the government has already launched a television channel (DigiShala) and a website (www.cashlessindia.gov.in) to further ease transactions.

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5. The Lucky Draw Scheme That Promotes Cashlessness

To encourage cashless transactions, the government has also introduced lucky draw schemes. This was started on 25 December 2016.

According to the first lucky draw scheme, 15,000 consumers will be awarded Rs 1,000 in cash for a period of 100 days. The selection will be based on a lucky draw.

As part of another scheme, DigiDhan, there will be a mega draw on 14 April 2017. This will include prizes worth Rs 1 crore, Rs 50 lakh and Rs 25 lakh.

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(This story was originally published on QuintHindi.)

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Topics:  Narendra Modi   RBI   Black Money 

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