As per the RBI directive all notes before 2005 will no longer be valid from July onwards. This is an important action towards ensuring reduction in corruption across india.
Usually people keep black money in cash and hence this move will ensure that this cash ( before 2005 ) will be forced out.
Some key points
1. One cannot deposit more than 50,000 rs without a PAN card at banks. Deposit or change the notes.
2. The government is asking banks to keep changing these notes as they get it. They are enabling the country to take these notes out of circulation.
Even though we dont have black money .Here is what you must do.
1. When taking money out of an ATM ensure you check the year at the back of the note. For notes before 2005 there is no year written at the bottom.
Right now unfortunately not all banks put in new notes in the ATMs. And it is left to the consumer to ensure it is post 2005.
2. Check old purses where some emergency money has been placed. These may not have been touched and again it is in your interest to ensure these don't become obsolete.
3. Check in your children's piggy bank for old notes.
4. While paying or getting change from your shopping adventures, do check for the year.. especially the bigger notes.
Remember you will need to go to the bank and change these notes. Don't leave it for the last minutes.
If there are other areas that you think we should be aware of, please do leave a comment
Timely action is simplefinancialsense.
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