In an attempt to restrict the conversion of black money to white, Modi and his team decided to stop over the counter exchange of 500 and 1000 rupee notes. It is known that the ink mark will be applied on the finger of the person who deposited money in the bank. It seems that the black money holders are giving the money to other people and are asking to deposit them in their account saying that as their personal money.
Later, they are taking back the white money from them and giving them some percentage in the transaction. For the ones who have publicly gave the black money and converted it to white few months back, this rule doesn’t apply. They can happily deposit their money in the bank without any problem.
The old 500 and 1000 rupee notes are valid only at mobile recharge centers, schools and emergency centers. For schools, we can pay fees upto 2000 using the old currency and the mobile recharge limit is 500.