1000 & 500 Notes – How to Deduct Rs.50,000?

The new method to take out the black money from the country has been working so far, and that is what Government is talking about. However, it did hit the people of India who are unable to take on the day to day expenses which is a disaster.

Well, there is no denying the fact the currency exchange is one of the major hits in India and also the effective one but the problem is that the implementation is also another flaw. The government has proved that the work carried out by the Government is slow and time-consuming.

1000 & 500 Notes - How to Deduct Rs.50,000

Currently, 80% of the middle class, business class, and low-class family has been affected by this method. Overall, the implementation has been changed by this demonetization. There is also no denying that the approach is working so far.

Now let’s get to the point on how you can get Rs.50,000 from the bank in the new currency, let me explain you in few steps.

1000 & 500 Notes – How to Deduct Rs.50,000?

Note which bank do you have an account with is also an important factor, but this method will work with any bank in  India and make sure that you reach the bank branch early so that you can get that kind of amount.

1. Prepare Yourself First

Now you need to prepare yourself for it, and there are a couple of things you need to carry when you are going to Deduct or Deposit it. This is how the process works, and it is not a new one. All you need to do is to Deposit or Withdraw the money.

  • Get your passbook along with you to deposit the money (Old Currency, make sure that the account balance does not reach more than, Rs.2,50,000.).
  • Your Account details and carry an ID card.

2. Go To Your Bank

Once you reach your nearest bank or your branch is preferred then you need to fill up the form of deposit the old currency into the account and it should go above 2,50,000, or you might have to file the IT returns and Tax returns.

Remember, you need to fill up the form on how much you are planning to deposit into the account. Once it is done, get into the line and deposit the money into the account. Within a matter of minutes, the money will be added to your account.

Ask the management on how much time does it take to reflect the money into the account, then move on to the next step.

3. Get Rs.50,000k New Currency

Now it’s the time when you get the new currency, all you need to do is to fill up the withdrawal form. You know the rest of the process. This method is currently in effect in many banks. If you are holding an ICICI bank account then head to the head office branch where you can perform this action without any hesitation.

Conclusion

Lack of information is the reason why many people do not know how they can get the new currency legally from the bank without any hassle.

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