We, as the citizens of India, have heard various Indian Prime Ministers over the years talk about curbing black money, terrorism and corruption in their speeches. However, our current Prime Minister, Mr. Narendra Modi, took a major step on November 8, 2016, to tab black money across the country with the demonetization of Rs. 500 and Rs. 1000 currency notes from the legal tender of the country.


Here?s what you must know about the demonetization:

1. At present, there is a limit on the bank withdrawal of cash of Rs. 10,000 per day and a cap of Rs. 20,000 per week. However, as per the orders of the Government of India, this limit will be increased in the upcoming days.
2. The Government of India has not put any kind of restriction on the non-cash payments done through any mode, be it cheques, demand drafts, banker?s cheque, credit cards, debit cards or electronic fund transfers.
3. In the initial days, a cap for ATM withdrawal of Rs. 2,000 per day per card has been imposed, which will be increased later.
4. You will get the full value of the currency notes you deposit in banks or post offices. However, you will get only Rs. 4,000 in cash irrespective of the currency size you deposit in your account.