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New Rs. 20 and Rs. 50 Currency Notes about to issue by RBI: Existing Old notes are valid too

By
Vasavi
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The Government of India and RBI has recently announced regarding the demonetization of the notes Rs 500 and Rs 1000 in India. The organisation has come up with the refurbishment for the smaller denominations as well.

Now this is not entirely related to the demonetization, and rather than making the design upgrade with the 2005 created bank notes, RBI is going to issue new Rs. 20 and Rs. 50 notes. The older notes are still acceptable and valid. The notes come with ‘2016’ as the manufacturing year.

As you all knew the consequences people are facing right now with the effect of demonetization. And now with the release of these new notes, there is no reason people need to panic about the old notes. To avoid the terms like, “the old notes are useless” etc. RBI has come up with the official statement. “All the banknotes in the denomination of Rs. 50 and Rs. 20 issued by the Bank in the past will continue to be legal tender.”

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As of now, the government hasn’t released the official photos or anything else regarding the new notes. The RBI does not mention the release date of these notes and circulation. As per the sources, we can expect this to release in this week.

The prior reason behind the release of these new notes is still unclear. The public is still struggling to get the hands on new Rs 2000 and Rs 500 notes.

RBI will issue the new Rs 50 bank notes in less time with Mahatma Gandhi series- 2005, without inset letter in both the number panels bearing the signature of RBI Governor Dr Urjit Patel with the year of printing ‘ 2016’ on the reverse of the banknote.

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Rs 50 denomination notes will carry an ascending font of numerals on both number panels. They don’t have the intaglio print which has earlier issued in Mahatma Gandhi 2005 series. The overall design of the note mostly remains same.

Another denomination of Rs 20 comes with the same upgrades seen on Rs 50 note. But this note additionally has an inset letter ‘L’ in both the number panels. These are the only differentiations observed on these two new updated bank notes.

Source:

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38782

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38781

How to Transfer Money From Paytm to Any Bank Account

By
Trisha
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After the demonetization drive, Paytm has become the major platform for many transactions in India. The company has further added thousands of merchants within few days of the announcement by Prime Minister Narendra Modi. The scrapping of Rs. 500 and Rs. 1000 currency notes have made a significant impact in people choosing the cashless payment platform. Paytm has done it brilliant sprawling over thousands of merchants right from vegetable vendors to grocery stores.

But the confusion persists about how merchant receives a payment after the customer makes a payment via Paytm. How can dealers transfer money from their Paytm Wallet to their bank accounts? Here we provide you the simple process to transfer money to your bank accounts from Paytm Wallets.

You need to have the name, account number, and IFSC code of the bank account holder to transfer money from your Paytm wallet. However, there is a limit on transaction up to Rs. 20000. Merchants can avail transaction benefits up to Rs 50000 if the KYC process is done.

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If a transaction beyond the limit is needed, you need to get in touch with Paytm to get your KYC done. The process is quite simple, and you can get it done by getting into the Paytm KYC center near you.

First provide the relevant RBI-approved documents (passport, Aadhar card, driving license, voter ID card or NREGA job Card.) you can also request a visit at your address by typing in your Aadhaar number. PAN card number is not necessary, but it becomes mandatory while transferring more than Rs. 50000 in a single transaction. Once after KYC is done, you can conduct unlimited transfers.

“Our process can take up to 48 hours, but you can shorten it by providing Aadhar card as proof of identity as the biometric verification results in instant completion of the process,” says Paytm.

How to transfer money from Paytm to any bank account using Paytm app:

  • Open the Paytm app on your smartphone and tap the Passbook icon
  • Here, select the Send Money to Bank option
  • Tap on Transfer
  • Enter the amount, account holder’s name, bank account number, and IFSC Code
  • Hit the Send button

How to transfer money from Paytm Wallet to bank account using Paytm desktop website

  • Open Paytm.com website and log in to your account
  • Move the cursor over your name at the top-right of the screen and click on Paytm Wallet
  • In this window, select the Transfer to Bank option and type in the requisite details
  • Hit the Send Money button

Users new to Paytm without KYC have to wait for three days to get money transferred from their Paytm Wallet to the bank account. Users who are done with KYC process can avail the bank transfers immediately.

No charges will be applied for transferring money from Paytm Wallet to bank account till December 31. However, this benefit is only available for merchants who have done KYC. 1 percent of the transfer will charge from the other customers and merchants who have not completed the KYC process.

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

All the Paytm users can transfer up to a maximum of Rs. 5000 at a time and 25000 per month the limit. You can transfer up to Rs. 50000 If you are a merchant. The limit for the customers who have done KYC is raised up to 1 lakh.

If you are a merchant, you can transfer up to Rs. 50000, with the limit going up to Rs. 1 lakh if you are a user who’s done his or her KYC.

Some Tricks to Identify the newly Released 500 and 2000 Currency Notes are Original or Fake

By
Trisha
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Whenever we heard about fake currency racket, the first thing that comes to our mind is that the shopkeeper is taking our five hundred rupees putting in front of light and scanning with his eyes. Rather than that, we can’t imagine what if our currency note was fake? But RBI (Reserve Bank of India) has embedded several security features on all Indian currency notes.

Long queues in front of ATM’s and people are rushing to the banks after the announcement made by Prime Minister Narendra Modi of demonetizing the Rs 500 and Rs 1000 currency notes across the country. This bold step is taken to stop the black money in India.

People are trying to swap their old notes to the newly released 500 and 2000 rupee notes. In this process, all are forgetting about whether the note that you have bought is original or fake. Some scammers are taking this as an advantage and releasing the fake currency notes.

With some simple tricks, you alone can find whether the newly released 500 and 2000 currency notes are original or fake.

Front of the note

  • The denominational number 2000 or 500 can be seen when held against the light.
  • The latent image of denomination number can be seen on the back of the note.
  • The numeral 2000 will be written in Devnagari script.
  • A portrait of Mahatma Gandhi at the centre.
  • On the left side of the notes, there will be micro letters of RBI and 500 or 2000.
  • There will be windowed security thread with inscription Bharat, RBI and 500 or 2000 with colour shift.
  • RBI emblem is placed right and the RBI Governor’s signature with promise clause.
  • Watermark of Mahatma Gandhi and electrotype of 500 or 2000 watermark.
  • On the number panel, the numbers place small to big order on the top left and at the right bottom.
  • The Ashok Pillar is on the right.

Reverse of Note

  • On the left side, you can find Year of printing of the note.
  • And also the Swachh Bharat logo at the left.
  • Language panel towards the centre.
  • A motif of Mangalayan which covers most of the note.

For visually impaired

  • Raised printing of Mahatma Gandhi portrait, Ashok Pillar, bleed lines and the identification mark.
  • A horizontal rectangle with the raised 500 or 2000 print on the right.
  • Several angular bleed lines with raised print on left and right sides.

For More Updated News: Techfactslive.com

Govt says Rs 1000 Note will be Back Soon with Modification

By
Anjy
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The government of India on Tuesday left a silent bomb on the people to ban Rs 500 and RS 1000 notes. By making this dare move, PM Narendra Modi said that the Government is aiming to control black money and terror activities across the country. It has been appreciated by all but the sudden decision of prohibiting Rs. 500 and 1000 notes throw the ordinary people in difficulties.

The common public is facing problems from November 8th midnight for exchanging 500 and 1000 rupees notes. Public are standing in lines in Government offices, general stores, Railway booking counters, ATMs and in petrol pumps. After watching the situations, Government has announced few instructions to get new Rs. 500 and 1000 notes and also passed orders to all banks to work on this weekend for taking deposits and money exchange.

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Everyone knows that Government is going to release new Rs. 1000 and 500 notes. But latest update is that 1000 Rupees Note will make a comeback soon with new design and dimension. Shaktikanta Das, Economic Affairs Secretary today revealed that “The new 1000 Rs note will be brought a new dimension and design and Government is also making works on this.”

Exciting news has come to limelight today about the new currency. Few Government officials revealed that apart from Rs.1000 note, Government is planning to launch new Rs. 10, 50, 100 notes in future.

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After watching the public problems, Government has passed few orders to help commuters. The inactive Rs 500 and 1000 notes will be accepted at respected banks and post offices until the end of the year and how to exchange or deposit the cash had already given clearly.

Delivering one of the India’s biggest-ever economic upset, Prime Minister Narendra Modi on Tuesday said that to check black money we made a massive attempt. However, from today morning banks were filled with huge crowds and delays in transitions. Bank employees faced severe problems, and senior citizens said that no facilities had been provided by the Govt to help them.

The government has already informed to Government based organizations, Bus bookings, Railways, Government hospitals and petrol pumps authorities to accept Rs. 500 and 1000 notes till November 11th midnight. The national highways will also not charge any toll till Saturday to help the public.

Form for the Exchange of Rs. 500 and 1000 Notes in Banks : Detail Process Explained

By
Anjy
-

The government of India on Tuesday surprised the whole nation to announce the ban on Rs. 500 and Rs 1000 notes. Prime Minister of India Narendra Modi had announced a shocking news and soon after his announcement all Rs 500 and Rs 1000 notes circulation were stopped, and people treated them like worst papers. The reason behind Narendra Modi’s daring move is to control the black money and terrorist activities across the border.

Soon after the PM’s announcement, people are so much worried and immediately went to nearest ATMs to return their old notes. However, Government on Wednesday Night announced the complete details about New Rs. 500 and RS. 2000 Notes and also revealed the necessary steps to deposit or exchange old Rs. 1000 and Rs. 500 notes.

You need one form to exchange of old Rs 500 and Rs 100 notes in the appropriate banks. Along with The PDF form or request slip, you must submit your Government Issued Identity Card, the name of your branch and bank. The important message is that there will be no change in any transactions like Cheque, DD, Payments via Debit or Credit Cards and Online Net Banking Payments, etc.

Process to Submit or Exchange your Old Notes

  • First Deposit your Old Rs 1000 and 500 notes at your appropriate bank or post office from November 10 to December 30
  • If you want to exchange the old notes from a bank or post office, November 24 is the last date, and the exchange limit is Rs. 4000.
  • Take your Aadhar Card and Pan Card or any Government Issued ID Card when you go to exchange your old notes
  • After December 30, all your amount will be deposited at Reserve Bank of India with a declaration
  • Tourists will exchange their notes at individual counters available in Airports

Old Rs 500 and Rs 1000 note will be Valid Up to November 11 Midnight in Below mentioned areas

  1. Fuel Stations and Government Hospitals
  2. Railways, Airlines, Government Bus Tickets Booking counters
  3. Consumer Co-operative stores run by State or Central Government
  4. Milk booths certified by State Governments
  5. Crematoriums and burial grounds

Finance Secretary Ashok Lavasa has also tweeted an infographic explaining about where to exchange currency notes. Anyone can deposit or exchange your old money in the valid banks or post offices with a respected PDF form or request slip. You can exchange or submit your cash savings account can deposit unlimited amounts of money before December 30. After December 30, till March 31, RBI specified offices only would take the cash with a valid ID proof, PAN card, and declaration form.

There will be no restrictions on card payments, online transactions, DD and Cheque. However, there is a limit on daily and weekly withdrawals. From ATMs you can draw only Rs 2000 per day and banks will allow you to draw Rs 10,000 a day and Rs 20,000 a week.

We are providing you the Request Slip to Exchange your Rs. 500 and 1000 Notes. This Form should fill and submitted to exchange Rs.500 and Rs.1000.

Document Form To exchange of Rs 500 and Rs 1000 Notes

Click Here to get the detailed RBI PDF

Important Note:

This November 12th and 13th all banks will be working for customers and allows you for exchanging or depositing your money. Don’t Panick folks Government is making all the arrangements to avoid troubles to the common man.

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