10 Things You Can Do With The Banned Currency

Hmm so you are worried about the cash that you are holding. Well there is nothing to worry. You can exchange all of the banned currency from tomorrow in your respective bank branch or at a post office nearest to you. Don’t panic. It is a very good move and it will help all of us. However, if you wish to know of alternatives, here is a handy list of the things you can do with the banned currency.

1. Go for an International Holiday

50+ countries allow visa on arrival to the citizens of India. As per RBI, you can carry cash upto US $ 3000/- in cash and upto US $ 10,000/- as travellers’ cheque which is equal to ~Rs. 8,50,000/- per person. Airports are accepting the banned currency of 500 and 1000 notes, though the exchange rate may not be too attractive but it is not a bad bet either. Exchange your notes for Dollars, have a nice vacation and come back after a week. All chaos at the banks and ATMs would also be over.

2. Sponsor an operation or medical emergency of a needy

Government hospitals are accepting the banned currency of 500 and 1000 notes as well. It is therefore a good time to help the ones who need it the most. Philanthrophy never needs an excuse anyway.

3. Go for a Road Trip

Gas stations are accepting the banned currency notes and all toll station in all National Highways are instructed to not collect toll till 11th of November. What a wonderful way to make use of the money and take a break from the monotonous air or train travel.

4. Go for a Palace on Wheels Tour

Yes, why not? Instead of inviting unwanted attention from the IT Department, why not spend the money on a lovely Palace on Wheels trip.

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5. Preserve it

Make a glass frame for the currency and hang it on the wall. By the time you have grandchildren, these currency notes will become antique and will have a significantly high value.

6. Bond with your family

Every family has some family members, who have PAN cards and bank accounts but are not earning money. Income Tax Department allows exemption from filing of taxes for incomes upto Rs. 5 lakhs. Go and meet these family members, treat them well and then ask for help. For all you know, they might allow to deposit the banned currency into their account and then you can collect the legal money from them later. You can do the same with your office staff, house help, dhobi, darzi, watchman and all such reliable people around you.

But I want to also give an advice for free: After depositing this cash, what happens is the unaccounted money which you had hoarded till now has just turned white, so in hurry and panic do not withdraw the whole amount. By doing so, you will convert the money into black again. Instead, keep the debit card and cheque book of the respective accounts with you and swipe the card or write cheques, whenver you need to make a payment.

7. Plan a Future Holiday

Sorry but I cannot stop thinking about travelling. So if immediately you cannot travel, then atleast go to the airport, station or bus stand and book tickets for your future travel. Go anywhere but please travel. You will love it.

8. Get A Dental Cleansing Done

Since government hospitals are allowed to accept the banned currency. It is surely a good idea to fix an appointment with the dentist and get your plague removed. Our teeth are the most ignored part of our body but not anymore! Also, while we don’t trust the government hospitals much but teeth cleansing does not sound like a risky proposition. Go and get the sparkle on your teeth!

9. Increase your working capital with the banned currency

If you have a registered business entity and you are still to file your ITR for FY 15-16, then show losses in your books for last financial year 2015-2016 while filing the returns. Thereafter go and deposit the banned currency into your current account. IT Department allows Indian companies to adjust business losses for 7 years against the profit made.

10. Return The Pending Debt

So many of us borrow money which we never care to return. Today is the auspicious day for you to clear the black spot from your name. Go and return the money to whomever you owe it. Give it back with interest.

Right so if none of the above is a feasible option then “Honesty is the best policy”. Please go to the bank with your pan card, declare your black money, pay taxes and live a happy life ever after. Thank me later for this million dollar advice which nobody will tell you.

Also for all your FAQs please do refer to this link, it looks helpful: http://economictimes.indiatimes.com/news/politics-and-nation/rs-500-and-rs-1000-notes-banned-your-questions-answered-by-the-rbi/articleshow/55320904.cms