these are the six things which we are suppose to know about demonetization which has taken place in India in the month of November 2016. which our prime minister has done this to our nation.

1. 6 things to know
about Demonetisation

2. 1) Exchange is not allowed anymore
Rs. 1000 and Rs. 500 notes will no longer be exchanged at banks. From November 25, they can
be exchanged only at RBI. However, these notes can be deposited at banks.

3. 2) Old notes are not accepted anymore
Though old Rs. 500 notes were accepted in places such as petrol pumps, government hospitals,
airports, and for paying government-related utility dues; Finance Ministry will be stopping this
arrangement from Friday (2 December) midnight.

4. 3) Toll collection to resume
Commuters will now have to pay at toll plazas to ply in National Highways. Toll plazas will accept
scrapped Rs.500 currency notes, provided the toll fee is higher than Rs. 200.

5. 4) Cashless is the way forward
The Prime Minister has asked young people to teach mobile banking and other e-commerce
technology to at least 10 families.
Excise duty on point of service (POS) machines have been scrapped.
Transaction charges on card payments till the year-end have been waived off.
Cancellation of service charges in certain categories to promote usage of debit card.

6. 5) Amendments to IT Act
There is a proposal to impose 50 per cent tax on undeclared income that is voluntarily disclosed
till December 30, following which 82.5 per cent (75 per cent tax and 10 per cent of such tax as
penalty) could be levied on undeclared income detected by authorities.

7. 6) Withdrawal limits eased
The RBI on November 28, 2016 said that if deposits had been made in legal tender, then
depositors could withdraw that amount over and above the weekly limit of Rs. 24,000.

8. Get eBooks Website
Thank You!
Don’t forget to follow Kotak Securities
on SlideShare to get regular updates!
Demat Account

9. Thank you.