The last date of submitting old notes is almost here.
Demonetization has been the talk of the country for over a month now. In a move to scupper black money and undisclosed wealth, the current Government spearheaded by Hon’ble Prime Minister Shri Narendra Modi, announced on November 8th, 2016 that the current Rs. 500 and 1000 notes were no longer legal tender, and that the new Rs. 500 and Rs. 2000 notes will be made available shortly.
There has been a lot of debate on the validity and benefits of such a move. In fact, demonetization’s after effects have been witnessed in both its praise and condemnation, all the while people continue to stand for hours in lines outside the ATMs. Regardless of whether you’ve found it to be a good move or not, it is important to recognize that demonetization is here to stay. And with the deadline of 30th December, 2016 approaching fast, have you done all that needs to be done?
Visit the Bank
If you have any old notes of Rs. 500 or Rs. 1000, they need to be deposited into your bank accounts. For any amount over Rs. 50,000, account holders will also need to submit a copy of their PAN cards or Aadhaar cards. The rush at the banks has not abated since the last month, so if you haven’t already deposited all your old currency, it is time to get a move on.
In case you do not have a PAN card or Aadhaar card, you can deposit an amount of up to Rs. 50,000 without the requirement of an ID proof. But for any amount exceeding that, you will have to get a PAN card made as soon as possible. Furthermore, if you do not have a bank account, take your KYC documents and go to the nearest bank to open an account. Otherwise, any money that you might have in the old currency will cease to hold any monetary value after December 30, 2016.
Avoid Too Many Withdrawals
Alternatively, even if you have a lot of bank accounts and all your money has been legally deposited, avoid making too many withdrawals. Unless you actually have dire need of ready cash, do not use the daily and weekly limits to hoard up on the new notes. You might be used to keeping a lot of ready cash at home, but there aren’t enough notes in circulation as of yet, so your excess withdrawal may end up causing people, who might genuinely need the cash, a lot of difficulty. Regardless of whether your numerous accounts allow you to withdraw a large amount of money, only withdraw what you need.
Online payments and online wallets have emerged as saviors in these times. Wherever you can manage it, try to make online payments or swipe your cards. You will still be spending the same amount of money, but going digital will help you save up on your in-hand cash, which will be beneficial in the long run. Another benefit of going digital includes the numerous discounts and cash-back offers that you avail while utilizing these digital payment services.
Demonetization may have, and still is causing a fair bit of unrest, but what is important now is that you take the necessary steps and precautions to make sure that it does not result in undue distress in the long term scheme of things. The current regime has been championing the cause of ‘Digital India’, and this is certainly a major step in that transition which is becoming evident with each passing day.