₹500 and ₹100 Notes Banned In India : 25 Points You need to know

NDA Government has implemented smart move as slap to Black Money holders. Money of Black Money Holders will be of no cost if they kept it in their safe lockers. GPS chip based notes will be out in market soon and old notes must need to be deposited in banks as announced by Government of India. Black money holders must need to take their money out in banks otherwise they will be of now use. 

A Smart move By Government of India to out take thousands of crores of money from Black Money Holders in banks and charge them Taxes.

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The legal tender character of the notes in denominations of ₹ 500 and ₹ 1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage.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 (www.rbi.org.in) and GoI website (www.rbi.org.in).

What are Instead of Triggers

Instead of triggers are used to reverse the default action of the query same as the word ‘insted of’ denotes. For example if we are going to execute query to delete record in Empoyee table and we want to first check whether id of employee passed Exist in database or not then we can place a “Insted of Trigger” in database on Delete Operation for that particular table and we will place code in trigger to first check whether employee with specified id exist in db . IF yes then delete that employe , otherwise abort the query execution.

In general language we use instead of triggers when we need to code - instead of doing xyz do abc . means we need to trigger the selection of operations in db depending on Values in database tables or other certain criteria.

INSTEAD OF TRIGGERS can be classified further into three types as:

1. INSTEAD OF INSERT Trigger.
2. INSTEAD OF UPDATE Trigger.
3. INSTEAD OF DELETE Trigger.

EXAMPLE
Below trigger will prevent the deletion of records from the table where Emp_Sal > 1200. If such a record is deleted, the Instead Of Trigger will rollback the transaction, otherwise the transaction will be committed.

CREATE TRIGGER trgInsteadOfDelete ON [dbo].[Employee_Test] 
INSTEAD OF DELETE
AS
 declare @emp_id int;
 declare @emp_name varchar(100);
 declare @emp_sal int;
 
 select @emp_id=d.Emp_ID from deleted d;
 select @emp_name=d.Emp_Name from deleted d;
 select @emp_sal=d.Emp_Sal from deleted d;

 BEGIN
  if(@emp_sal>1200)
  begin
   RAISERROR('Cannot delete where salary > 1200',16,1);
   ROLLBACK;
  end
  else
  begin
   delete from Employee_Test where Emp_ID=@emp_id;
   COMMIT;
   insert into Employee_Test_Audit(Emp_ID,Emp_Name,Emp_Sal,Audit_Action,Audit_Timestamp)
   values(@emp_id,@emp_name,@emp_sal,'Deleted -- Instead Of Delete Trigger.',getdate());
   PRINT 'Record Deleted -- Instead Of Delete Trigger.'
  end
 END
GO

Webhooks Vs WebSockets

WebSockets Can be used to exchange event notifications but it requires a constact network connection . Signalr is best example of Websockets that can be used within an Asp.net application

Whereas WebHooks are for event notification across other web applications and other external services. It is similar to b2b communication.

Example 
You can receive a WebHook when someone sends you money to your PayPal account. PayPal fires off a POST request to your predefined URL handler and then your app does something with that notification. You pre-configure everything on the PayPal side first. You also set up an application to handle the incoming POST request. The event notification is "pushed" to you in (near) real-time. No need to hold open a network connection while waiting for events.

The two can be complementary. For example, when you receive the WebHook from PayPal, you can notify a logged in user on your webapp (using SignalR/WebSockets) that money has been received successfully.

We Will Be Updating Articles With More Information Soon .....

What are Webhooks and Webhooks vs WebAPI ?

 If you ever used API’s then you know they follow request - response mechanism . Every Request is followed by a Relevant API Response

Example 1 -  if we need to fetch our emails we will make a Reques to API with required credentials like Emailid, MessageCount and userid and API will give our Emails in Response to Source From where Request Came

Whereas As Webhooks works little different Sometime they are Called as 'Reverse APIs' Webhooks Skips this request part there is no need to give any request to them they are set to give you response data without knocking them

Best example will be Notification System Used by several Applications Like - Twilio, Dropbox for Giving Notifications to your System
Webhooks don’t require a request to be sent to give response they are set and programmed to provide details , messages , Notifications whenever available

Example 2
You can receive a WebHook when someone sends you money to your PayPal account. PayPal fires off a POST request to your predefined URL handler and then your app does something with that notification. You pre-configure everything on the PayPal side first. You also set up an application to handle the incoming POST request. The event notification is "pushed" to you in (near) real-time. No need to hold open a network connection while waiting for events.

For Using webhook, you need to register with the company providing the service by providing URL that will be your website url. That URL is a place in your application that will receive the data from that webhooks such notification messages and do something with it such as saving them to db and notifying to user . In some cases, you can tell the provider the situations when you’d like to receive data. Whenever there’s something new, the webhook will send it to your URL.

we will continue to Adding More details to Post Soon ....

What are Webhooks and Webhooks vs WebAPI ?

 If you ever used API’s then you know they follow request - response mechanism . Every Request is followed by a Relevant API Response

Example 1 -  if we need to fetch our emails we will make a Reques to API with required credentials like Emailid, MessageCount and userid and API will give our Emails in Response to Source From where Request Came

Whereas As Webhooks works little different Sometime they are Called as 'Reverse APIs' Webhooks Skips this request part there is no need to give any request to them they are set to give you response data without knocking them

Best example will be Notification System Used by several Applications Like - Twilio, Dropbox for Giving Notifications to your System
Webhooks don’t require a request to be sent to give response they are set and programmed to provide details , messages , Notifications whenever available

Example 2
You can receive a WebHook when someone sends you money to your PayPal account. PayPal fires off a POST request to your predefined URL handler and then your app does something with that notification. You pre-configure everything on the PayPal side first. You also set up an application to handle the incoming POST request. The event notification is "pushed" to you in (near) real-time. No need to hold open a network connection while waiting for events.

For Using webhook, you need to register with the company providing the service by providing URL that will be your website url. That URL is a place in your application that will receive the data from that webhooks such notification messages and do something with it such as saving them to db and notifying to user . In some cases, you can tell the provider the situations when you’d like to receive data. Whenever there’s something new, the webhook will send it to your URL.

I will continue to Adding More details to Post Soon ....