On Thursday indian government made a surprise announcement of making Rs 1,000 and Rs 500 bank notes illegal from midnight.
Most importan treason for ban is to stop corruption and black money.You will get value for the entire volume of notes tendered at the bank branches/RBI offices. One will get up to Rs 4,000 in cash irrespective of the size of tender and anything over and above.
For those who need higher amount of cash over and above the permitted Rs 4,000, RBI said one can use balances in bank accounts to pay for other requirements by cheque or through electronic means such as online banking, mobile wallets, IMPS, credit/debit cards etc
Most importan treason for ban is to stop corruption and black money.You will get value for the entire volume of notes tendered at the bank branches/RBI offices. One will get up to Rs 4,000 in cash irrespective of the size of tender and anything over and above.
For those who need higher amount of cash over and above the permitted Rs 4,000, RBI said one can use balances in bank accounts to pay for other requirements by cheque or through electronic means such as online banking, mobile wallets, IMPS, credit/debit cards etc
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