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Convert more than 2.5 Lac 500/ 1000 notes without Penalty : Legal Process

Amidst of the currency ban of denomination 500 and 1000 by Govt. of India to curb the black and fake money circulating in the market, Now from 10/11/2016 (Today) onward, banks will exchange your old currency with new notes of 500 and 2000 denomination. There are many defaulters who have deliberately stored the undeclared cash at their home, office, farm houses etc.

But also their exist a common user who have earned that money legally and collected the cash before 8 November 2016 for say : Purchasing the house, for the marriage, for medical expenses (Operation/ Transplant etc.), To deposit the fees of the children etc. what they should do? How they convert the money above 2,50,000 (2.5 Lac). here we have discussed the possible scenario with a genuine common man and the possible solutions:

Don’t Panic We have the Solution

Scenario 1 : I was about to Purchase a Flat/ House/ Land for Which I have collected cash more than 2,50,000 (2.5 Lac) INR.

Suppose you were about to purchase the house/ Land/ Flat for which you have just sold out the jewelry of your house hold and managed to have more than Rs. 2.50 Lac, And suddenly you came to know about the ban of 500 and 1000 notes, Now what should you do ? The Solution to this problem is very simple and here it is :

SOLUTION:

  1. Firstly collect all the bills and receipts which are collected after say when you sold jewelry or Bank Withdrawal Slip, Copy of Self Cheque through which you have withdrew the money etc. related documents.
  2. Get you Pan Card/ Aadhar Card and other ID proofs and your Latest ITR (Optional) along with the same documents of your family members
  3. Go to the bank and Present all the related documents along with the proof of purpose to the bank authority and get all the bills and related documents verified and deposit your money in the account and REMEMBER FROM NOW ONWARD, ALWAYS DISCOURAGE THE HEFTY CASH TRANSACTIONS AND PAY THROUGH CHEQUE OR DEMAND DRAFT.

Scenario 2 : I was preparing for the marriage of close relative and collected the cash or withdrew the cash from my account more than 2,50,000/ 2.50 Lac.

Suppose you were preparing for the marriage of daughter, sister, brother or other close relative for which you have collected more than 2.50 Lac cash of denomination 500 and 1000 notes. Now what to do ? Here is the Solution :

SOLUTION :

  1. First of all gather the slips, Receipts and copy of Documents you got while collecting the cash for your purpose.
  2. Get your Valid ID like your Pan Card/ Aadhar Card etc., Latest Income Tax Return-ITR (Optional) along with the same documents of family members
  3. Go to the bank and Present all the related documents along with the proof of purpose to the bank authority and get all the bills and related documents verified and deposit your money in the account. And Now since you have deposited your cash in your bank account, FROM NOW EITHER PAY THROUGH CHEQUE/ DD OR NEFT/ IMPS/ RTGS.

LIST OF BANKS :

  • Punjab National Bank/ PNB
  • SBI
  • Axis
  • ICICI
  • Canara
  • Andhra Bank
  • Allahabad Bank
  • Indian Overseas
  • Bank Of Baroda
  • HDFC
  • Bank of Maharashtra
  • UCO bank
  • Dhanlakshmi Bank
  • Karur Vysya bank etc.

Scenario 3 : I have managed the cash of more than 2.50 Lac to pay against the operation or any medical expense of my near and dear one.

If you are taking services of any government hospital, then no need to worry because government hospitals have been instructed to accept the old currency notes of 500 and 1000. But what if you are in a private hospital? here is the solution

SOLUTION : 

  1. Firstly give the cheque to the hospital administration of the amount required and ask them to cooperate since the present situation is above all and medical treatment cannot wait for anything .
  2. Secondly collect the all the related records eg : Slips, Receipts etc which you got from various legitimate sources while collecting the cash,
  3. Go to the bank and Present all the related documents along with the proof of purpose to the bank authority and get all the bills and related documents verified and deposit your money in the account. And Now since you have deposited your cash in your bank account, FROM NOW EITHER PAY THROUGH CHEQUE/ DD OR NEFT/ IMPS/ RTGS.

Scenario 4 : I got my Dollars/ Riyal/ Dirham etc. foreign currency Converted recently what should i do now.

Since you are from outside India or a NRI and just landed to India and get your currency converted into INR and collected more than 2.50 Lac what should you do now ? Here is the Solution :

SOLUTION

  1. Collect your currency conversion Slip/ Receipt.
  2. Get your Valid ID like your Passport/ VISA related Documents/ Your country ID etc.
  3. Go to the bank and Present all the related documents along with the proof of purpose to the bank authority and get all the bills and related documents verified and get the new currency notes. SORRY FOR THE TROUBLE BUT THIS IS FOR THE BETTERMENT OF OUR COUNTRY

Download Exchange Old 500/ 1000 Slip


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