Month: November 2016

Over the past few days, government has been changing the rules for withdrawal and exchange mostly every day.  In this post, I am trying to capture the latest rules: Updated 23-Nov-2016 1) Now you can withdraw upto Rs 2000 from Big Bazaar stores -  From Nov 24, You can get Rs 2000 by using your debit / ATM card. The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country. Big Bazaar has tied up with State Bank of India and enabled mini ATMs across all 260 stores to help consumers withdraw cash while they shop. [xyz-ihs snippet="ad1"] Also Read:  How to convert black money into white money How to use Paytm for making cashless payment to Kirana stores 1) You  can get upto Rs 2000 cash from selected petrol pumps:  Now you can swipe your de...

GST Council has fixed four-tier GST structure in Nov 2016 and it is expected to be rolled out from April 2017. The rate structure is 5%, 12%, 18% and 28% with lower rates for essential items and highest for luxury items. GST 0% Tax -  Some essential items including food grains, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. GST 5% Tax -  mass consumption items such as edible spices, tea, coffee, mustard oil will fall under this tax slab. GST 12% Tax - Process food items such as bread, cheese, readymade meals, milk, Computers will fall under this tax slab. GST 18% Tax - Soaps, Oils, shaving sticks, toothpaste, refrigerators, smart phones GST 28% Tax -  Most white goods, like washing machines, air conditioners, will be taxed at 28 perce...

Government has now allowed selected petrol pumps to give cash upto Rs 2000 on swiping of your debit card. At present this facility is available to state run petrol pumps which has SBI POS Machine only.  This will be extended to other pumps within few days to other bank's machine (ICICI, HDFC,Citibank)   Here is the list of 700 petrol pumps that are dispensing cash  -  petrol-pumps [xyz-ihs snippet="ad1"]   Note that the daily limit for petrol pump is Rs 1 lakhs., which means they can only serve 50 customers in a day. In many petrol pumps bank staff has not setup machines or provided cash yet. See the latest rules for the exchange , or deposit or convert the old currency notes. Government are changing rules frequently. Check the latest update here.

When the whole country is struggling to exchange old currency notes & depositing cash into Bank, mobile payment wallets are coming handy. You can use these wallets to make payment for grocey, shopping , cab booking etc. Even your local kirana store man can use it for receiving payment. One of the most popular mobile wallet in India is Paytm. In this post, I am providing more details on paytm, how you can use it and get benefits now. What is Paytm? Paytm is the largest online payment platform in the country claiming to have 15 crore users. It is a digital platform that allows you to transfer money into an integrated wallet. You can transfer money to the wallet using online banking, debit card or credit card, deposit cash via select banks / partners. Using the paytm wallet, you can m...

              Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” On November 9 and in some places on November 10, ATMs will not work. Some Exceptions For 72 hours, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment: --Government hospitals will continue to accept old Rs 500, Rs 1000 notes for payment. --Rrailway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets. --Petrol, dies...