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*38. In section 87A of the Income-tax Act, with effect from the 1st day of April, 2018, —
(a) for the words “five hundred thousand rupees”, the words “three hundred fifty thousand rupees”
shall be substituted;
(b) for the words “five thousand rupees” [as substituted by section 46 of the Finance Act, 2016],
the words “two thousand five hundred rupees” shall be substituted.

അതായത് നിലവിൽ 87A ബാധകമായ വരുമാന പരിധി 5 ലക്ഷത്തിൽ നിന്ന് 3 ലക്ഷമായി കുറച്ചു റിബേറ്റ് 5000 ത്തിൽ നിന്ന് 2500 ആയും കുറച്ചു അപ്പോൾ 3 ലക്ഷം വരുമാനമുള്ളവർക്ക് നികുതി നിർദ്ദേശം മുമ്പുള്ളതും ഇപ്പാളുള്ളതും തമ്മിൽ മററമില്ല
പ്രയോഗത്തിൽ 60 വയസ്സിനു മുന്നിലുള്ളവർക്കും 60 വയസ്സിനു താഴെയുള്ളവർക്കും ഒരേ സ്ലാബ് ആയി

5 ലക്ഷം വരുമാനമുള്ള ആൾ മുമ്പ് ₹20000 നികുതി (₹25000 - ₹5000 (87a- rebate) ) നൽകുമ്പോൾ ഇപ്പോൾ ₹12500. നികുതി വരും ഫലത്തിൽ ₹ 7500 ന്റെ കുറവേ ഉണ്ടാകൂ

First slab tax reduction from 10% to 5℅ applicable for all tax payers even thair income above 5 lakhs tax relaxation worth ₹12500

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*Highlights of Union Buget 2017 - 2018*

*GST* - No changes in service tax & excise duty as GST draft will be launching soon

*Fiscal Deficit* - Seen at 3.2% (17-18) & 3% (18-19)

*Current Account Deficit* - 0.3% (16-17) 1st Half

*FDI Investments* - 1.45 Lakh Crores (16-17) 1st Half

*Direct Tax* - Tax to GDP Ratio is very low
Income upto 2.5 Lakhs - Nil Tax
Income above 2.5 Lakhs to 5 Lakhs - Reduces to 5% Tax from 10%
Income above 50 Lakhs to 1 Crore - 10% surcharge

*Farmer* - Double their income in 5 years

*Agriculture* - 10 Lac Crores credit

*MNREGA* - Allocation 48, 000 Crores

*PM Gram Sadak Yojna* - Allocation 19, 000 Crores

*Sr. Citizen* - 8% guaranteed pension for 10yrs by LIC of India scheme

*Rail Budget* - 1.31 Lakh Crores, New Railway Line of 3500 kms, No service charge on IRCTC Ticket booking

*Highway* - 67, 000 Crores for National Highways

*Disinvestment* - Continue through ETF's and timely disinvestments of PSU's,
Target 72500 Crores

*Banking* - 10, 000 Crores to PSU banks for Recapitalisation, Double landing targets to Bank 2.44 Lac Crores, 2.44 Lac Crores under mudra scheme

*Total Expenditure* - Estimated at 21.47 Lac Crores

*Defence Expenditure* - 2.74 Lakh Crores excluding Pension

*Long Term Capital Gain* - For immovable property reduced to 2yrs from 3yrs

*Income Tax* - Companies turnover less than 50 Crores will pay 5% less tax, Effective rate 25%

*Cash Transaction* - No transaction over 3 lakes will be permitted in cash

*Infra* - Insurance company has to invest 25% in Infra bonds.

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Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

1. Why is this scheme?
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
2. What is this scheme?
The legal tender character of the notes in denominations of ₹ 500 and ₹ 1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.
3. How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
4. Can I get all in cash?
No. You will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.
5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?
The Scheme of withdrawal of old high denomination(OHD) notes does not provide for it, given its objectives.
6. ₹4000 cash is insufficient for my need. What to do?
You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.
7. What if I don’t have any bank account?
You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.
8. What if, if I have only JDY account?
A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.
9. Where can I go to exchange the notes?
The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.
10. Need I go to my bank branch only?
For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.
For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.
In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.
11. Can I go to any branch of my bank?
Yes you can go to any branch of your bank.
12. Can I go to any branch of any other bank?
Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000.
13. I have no account but my relative / friend has an account, can I get my notes exchanged into that account?
Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
14. Should I go to bank personally or can I send the notes through my representative?
Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.
15. Can I withdraw from ATM?
It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2, 000/- per card per day upto 18th November, 2016. The limit will be raised to ₹4000/- per day per card from 19th November 2016 onwards.
16. Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹10, 000/- in a day within an overall limit of ₹20, 000/- in a week (including withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.
17. Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?
Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.
18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.
19. How much time do I have to exchange the notes?
The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.
For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.
20. I am right now not in India, what should I do?
If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Yes, you can deposit the OHD banknotes to your NRO account.
22. I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to ₹5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.
23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.
24. What is proof of identity?
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
25. Where can I get more information on this scheme?
Further information is available at our website (
Click Here
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and GoI website (
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">Click Here

26. If I have a problem, whom should I approach?
You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944

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