Mumbai: RBI to withdraw Rs 2000 currency note from circulation but it will continue to be legal tender. Reserve Bank of India has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect though banknotes in Rs 2000 denomination will continue to be legal tender. Rs 2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the Rs 2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic.
Any payments by an individual using their international Debit or Credit cards upto Rs 7 lakhs per financial year will be excluded from the LRS limits and hence, will not attract any (TCS) Tax Collected at Source: Govt of India
Existing beneficial TCS treatment for education and health payments will also continue: GoI
Comments are closed.