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The RBI on Friday announced the withdrawal of Rs 2,000 banknotes from circulation and set a deadline of September 30 for the public to exchange or deposit the banknotes.
While there is one-time limit of Rs 20,000 and no overall limit on cash deposits in bank accounts, tax experts emphasise the importance of being aware of reporting requirements and the potential scrutiny from the income tax department.
Rs 2,000 notes withdrawn: Another thing to keep in mind is that you don’t need to be an account-holder to exchange banknotes.
The Reserve Bank of India (RBI) on Friday announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock demonetisation when old Rs 500 and Rs 1,000 notes