26 FAQs On Withdrawal Of ₹ 500 & ₹ 1000 Banknotes

1. Why is this scheme introduced?

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 anti-national 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 existing bank notes in denominations of ₹ 500 and ₹ 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. These Bank 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 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) upto 24th November 2016, after which these limits shall be reviewed.

17. Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, Specified Bank 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 Specified 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 Specified Bank Notes 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 Specified 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 Specified 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, PassPort, 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 Specified 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 Specified Bank Notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the Specified Bank Notes.

23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the Specified Bank 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 Gol website

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

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Megasoft Solution’s Advantageous HR Outsourcing Solution

Megasoft Solutions is a well renowned Business Process Management service provider that offers outstanding services in the realm of business operations and relevant technologies. It proffers services in segments of Finance and Accounting, Consulting, HR Outsourcing, and Information Technology. The method that it puts ahead engages understanding the value that it adds to a specific company in the front end results such as revenue generation, client satisfaction, profitability, and retention.

 A specific division that Megasoft Solutions takes care of is the human resource outsourcing management department. Like other human resource outsourcing companies, Megasoft Solutions deals with lessening the human resource cost and facilitates in refining the application of the products as well as resources. This later leads in carrying out more and more of output. This human resource information system (HRIS) of Megasoft Solutions is a very efficient as well as systematic one.

It has several subheads under itself, which are as follows:-

• Statutory Compliances
• HR Transaction Services
• Payroll Management
• Human Resource Information System

Megasoft Solutions is one out of the several other Human Resource Outsourcing Management Companies that has well qualified and highly trained expert professionals who take care in offering personal as well as impressionable services to their esteemed clients and both the employer and the employee work towards enhancing efficiencies and discounting HR costs.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Is Payroll Software Right For Small Businesses?

Are you thinking payroll software for your petite business? Maintain reading to search out why payroll software systems might not be perfect for you, and how an outsourced payroll solution could give you the stability you require to grow your business.

Several small businesses procedure their payroll manually, by using basic software and relying on outdated systems. Otherwise, their accountant might proffer payroll as a bolt on to their accountancy services. This frequent seems like the most cost-effective choice, particularly when there are very limited employees to process payroll for.

Thus, payroll is getting ever more difficult and as a business begins to grow, maintaining abreast of developments and payroll legislation will become ever more onerous. Procedures could take up precious time that can be used up to other more vital, revenue-boosting activities. Along with this, there is an increased risk of fault, or payroll being processed too late. This could be expensive for any business, but for SMEs, it’s far too risky.

A higher better payroll system package might seem like the clear solution, but staff who frequently wear manifold hats in small businesses could find themselves out of their depth.

Payroll System Explained

Payroll system refers to hosted or online cloud-based system that assists payroll managers in-house – giving them the tools as well as systems to control and process data precisely and competently. Data could be input manually, but all the essential calculations are simply made by the system.

The payroll system is implemented and manages by an expert payroll provider, who could custom system packages so they surpass the unmatched requirements of every business. It is importantly ‘rented’ by businesses who pay a set fee on a monthly or annual basis. For petite businesses, this solution could be costly, or too limited – depending on the business you operate. Moreover, if you need anything more than the basic system, costs could frequent speedily ramp up.

Can Payroll Software Support My Small Business?

If you are keen to maintain control of your payroll functions, but wish to operate processes more effectively and evade making errors, a good solution will be a part managed service. This will offer a good front end payroll system so you keep control in-house, but run off the backend administrative load to an outsourced provider.

Good part handled payroll providers proffer unique frontend control price efficiently for smaller businesses – facilitating more flexibility and organising core HR as well as payroll functions so they are integrated.  This makes them simpler to keep a track of and handle as your business grows.

Cost-Effective Alternatives To Payroll Software

Even as payroll system amplifies the accurateness and competence of operating payroll methods manually internally, at Megasoft, we identify that for several small businesses, it is still not the most practical choice when it comes to handling payroll. This is why, we also proffer payroll outsourcing services, particularly customised to the needs as well as requirements of small businesses. With outsourcing, you can select to deploy few or your entire payroll functions to a reliable payroll provider, such as Megasoft Payroll Services, who will rate a fixed price to do all the hard work for you.

With payroll outsourcing, you can utterly eliminate the headache of handling payroll in-house. All the linked prices and time-taking administrative jobs are removed, but you still get all the advantages of a trusted payroll panel.

Benefits Of Payroll Outsourcing

• Reliable support from your very own payroll head/ manager
• Year-end processing all is taken care of by Megasoft Payroll Services
• Evade costly-up front prices of software licence charges as well as maintenance
• High levels of accurateness and 100% assurance that your payroll will be processed timely, every time
• Important time savings so you could emphasise on revenue-increasing activities to mount your business
• Get dedicated assistance from Indian-based payroll specialists who can take care of all your difficult payroll jobs.

Find out more about payroll outsourcing, or get in touch to discuss your outsourcing requirements.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Expert Outsourcing Payroll Management Services By Megasoft Solutions

At Megasoft Solutions, our area of expertise completely lies on payroll processing management system. Megasoft is one of the leading and best payroll management outsourcing companies not only in India but across the globe. Furthermore, we offer our esteemed customers with the world class services wherein we provide payroll solutions to all types of business; be it petite, medium or big.

We offer you with a broad array of payroll management services for example an integrated SaaS based payroll processing management system that is wholly compliant of the required technological platform to perfectly suit your particular needs as well as requirements.

Further, our crew of expert payroll procedure ensures that the payroll is provided to your employees timely thereby making it expedient for your HR panel to emphasize on other germane HR issues leaving the payroll management to us.

At Megasoft, we have a federalized payroll processing management system delivery centre in India that runs more than 1 million pay slips every year. We possess highly skilled, technical, and specialized knowledge base along with hi-tech and advanced technology making sure accuracy in the monthly Payroll Management of our different clients from diverse industries. We offer our services to both domestic as well as overseas customers through our centralized delivery system. We offer a data access machine / system to our precious customers and their employees through a customized website and attentive personal help.

Our payroll processing management system comes with several benefits such as we offer a secured and advanced internet based payroll management technology, utmost level of service support & training, multi-language service wherever requisite, real-time reporting, compliance management solutions, and other related advantages.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Megasoft Solutions Delivering Top Fixed Assets Management Services

Megasoft Solutions offers Top Fixed Assets Management Services across India as well as abroad, and facilitates customers in handling their fixed assets and offers support in capitalization as a complete service provider housing wide fields of capitalization, physical verification & tagging, lifecycle management, and process setup. We are specialists at settling best practices for Fixed Assets Management by establishing up quantitative control on fixed assets. We have helped in capitalizing fixed assets of several companies, be it a petite scale facility or a million dollar organization having an extensive spread all over variant geographical boundaries.

We provide a SaaS Model solution for Fixed Asset Management for our customer’s company. We have a crew of specialists who have trained their crews to offer our customers with several Fixed Assets Management Services all over the whole world and at present, we have wholly emerged as a complete Fixed Asset Management Service Provider. Over all these years, we have started to specialize in offering solutions for physical verification of fixed assets such as bar coding or likewise, reconciliation of physical results with fixed assets registers and offer solutions for the diagnosed gaps, making a database of fixed assets from manifold authorities in the organization, trailing the life cycle of the fixed asset, and so on.

Our clients are advantaged by movement as well as proper disposal of their fixed assets with our Top Fixed Assets Management Services and evade redundant purchases, paying precise insurance premiums, divulging indecent capitalization, maintaining precise records of fixed assets with their present working conditions, etc. It is right time for you to register your company with us to take complete charge of your fixed assets and facilitate you in handling them better so that you can save up on your costs significantly.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Megasoft's Accounts Receivable and Accounts Payable Outsourcing Services

Megasoft Solutions, an account receivable company in Gurgoan and an international service provider in business procedures such as Human Resource Outsourcing, Finance & Accounting, Information Technology, and Consultation. Megasoft Solutions approach puts ahead the concept of revenue generation as well as profitability along with client satisfaction and retention. It has handled to make a special position in the souk through tailored services that are specifically made for particular need of business houses as well as industries. Our services’ objective at suiting the client’s explicit requirements around the world.

At Megasoft, we comprehend that apart from creating payments effortlessly as well as accurately, it is essential to measure the satisfaction of the suppliers by creating the procedure of managing invoice easier. It manages well-managed accounts payable outsourcing in mind, our accounts payable outsourcing strikes a balance between procedure optimization as well as supplier satisfaction. Our work speeds up the realization of business value from technology.

Megasoft is one of the best Accounts payable companies as well as accounts receivable companies in Gurgaon. Megasoft accounts receivable services facilitates companies in enhancing their cash flows and collection procedures. An efficient Order-to-Cash cycle is maintained. Our company facilitates the business houses in cash collections without harming their relationships with their esteemed customers. It offers a complete procedure to business houses in enabling them to offer a group of services to their clients or market a latest project with a slice of procedures, business units, and places.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Top Of The Line Finance And Accounts Outsourcing Services

Get the best and unmatched Finance and Accounts Management service for your business from one of the leading organizations in India - Megasoft Solutions, which has served more than 1000 happy and satisfied clients within very short span of time.

With its exceptional Finance and Accounts Outsourcing services, Megasoft Solutions believes in attaining the bottom line for all its precious clients with its best of the best executives as well as industry practices. As a slice of its Finance and Accounting Management package, Megasoft proffers the subsequent services handling book keeping & GL accounting, reconciliation of accounts,

statutory fillings & compliances, accounts payable, entity incorporation & setup, accounts receivables, capitalization & verification of fixed assets, and complete commercial support.

Megasoft Solutions is one of the eminent names in the industry for offering Finance and Accounting Management services. Megasoft Solutions incorporated in 1998 in India and today, it has a worldwide presence in Singapore, Dubai, Hong-Kong, Australia, Ghana, and Germany. Along with this, Megasoft has a strong partner network across globe. It is one of the leading service providers and deals in a spectrum of business processes in Finance and Accounting, Consulting & Audits, Human Resources, Information Technology, etc.

Within a short period of time, it has successfully created a name for itself both in middle as well as large scale corporations. Megasoft Solutions is a client centric organization and make sure guaranteed client satisfaction. Moreover, it specializes in delivering custom made solutions for all its customers.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Social Media & HRIS Recruiting: A Perfect Marriage

HRIS can facilitate to simplify recruiting by making it simpler for employees to fill out applications from the ease of home – or whenever they might roam with their mobile number if your HRIS comprises mobile accessibility. Though, if you easily endeavour to attract candidates by using old school techniques you might be missing the blotch even with dynamic HRIS recruitment functions in play. Acquiring the time to hook up your HRIS to famous social media sites might help you to get the best out of your recruitment procedures.

Select the Right HRIS for the Job

First and initial, you will have to search an HRIS that proffers advanced recruiting as well as applicant tracing options. If employees can’t stuff an application online, you are going to have more complex time attracting top talent and getting them through the door. 

The best HRIS solutions must make it exceptionally simple to post jobs ads via social media and exceptionally funnel interested employees into the appropriate position to apply when they clack.

Create a Real Social Media Presence

When companies create social media page or profiles merely to try to make an online presence, it is glaringly obvious. Even if your sole aim of making company social media accounts is to use them for recruiting, keeping the pages periodically and doing amazing to make the pages exclusive and fun fosters a better company image and is more likely to appeal smart as well as savvy candidates. It is great to switch up the posts, as well, as a salvo of job postings can seek desperate.

Include Your Employees in Recruitment Efforts

Employees have always been a best source for job candidates and that is not likely to modify. When social media is incorporated, although, it opens up complete new realms of possibility for recruiting through employees and comprising of employees in the search. Employees can share job vacancies with their friends, message employers to check out specific applications, and help in a myriad of other ways.

Use Social Media as another Screening Tool

Social media gives a concise snap of people, so it could be very helpful when used as a viewing tool. While most social podiums have the alternative to make profiles private, not everyone uses these selections. If you can search out more about a candidate to support you decide if that person will be a perfect fit, it will only facilitate enhance your recruitment procedures and save you time weeding out people which it otherwise might have taken you three interviews to filter out.

Select the Social Media Platforms That Work for You

Since it takes a lot time as well as effort to begin and sustain social media pages, it doesn’t make sense to get on all available podiums and begin a page. Probability is good that merely two or three social media sites really suit with your company culture and work with your recruiting plan. Instead of going crazy researching, just ask your present employees what places they are on to perpetuate the culture that you already have functioning for you.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Inoperative EPF Accounts To Earn Interest From 1 April

Retirement fund body EPFO on Tuesday decided to provide interest on inoperative accounts from April 1, a move which will benefit over nine crore such account-holders having total deposits of over Rs 32,000 crore.

The decision was taken by the Employees' Provident Fund Organisation's (EPFO) apex decision making body Central Board of Trustees' headed by labour minister Bandaru Dattatreya.

"UPA government stopped interest on inoperative accounts. Now we have taken a pro-worker decision. The UPA government which was claiming to be a pro-worker, stopped the interest on inoperative accounts.

"Now, we have decided to credit interest in inoperative accounts. There will not be any inoperative accounts," Dattatreya told reporters after the CBT meeting here.

He also informed that interest on deposits in inoperative accounts will be credited from April 1.

Inoperative accounts are those wherein the contribution has not been received for 36 months.

EPFO had stopped payment of interest to such accounts from April 1, 2011. The move was aimed at discouraging parking of funds with EPFO in these dormant accounts.

The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.

When asked about a proposal on enhancing proportion of incremental investments of the EPFO in government securities (G-Sec) from 50 per cent to 65 per cent, labour secretary Shankar Aggarwal said, "It has already been decided by the ministry of finance."

The secretary said that the limit of 50 per cent was enhanced as they were getting good offers but unable to invest in such instruments as the limit had been exhuasted.

"If we get higher returns in G-Secs then we should be allowed to invest more in these instruments," he said further.

The Board also gave in-principle approval to restructuring of the EPFO as recommended by a sub-committee.

"We have taken decision regarding (cadre) restructuring of the EPFO. There will be a Career Advancement Scheme for over 20,000 employees of EPFO. They are waiting their due promotions for 19 years," Dattatreya said.

Dattatreya said that an implementation and anomalies committee has been formed which will look into grievances of employees. "The implementation of the scheme will be started within one month and will go very fast. A small committee under the Central Provident Fund Commissioner will address all anomalies in a month's time," he said.

About the CBT's decision to provide 8.8 per cent rate of interest on PF deposits for current fiscal, the labour secretary said, "The decision taken last month at CBT's meeting at Chennai has been sent to finance ministry and their approval is awaited."

On the proposal to provide insurance cover to EPFO's subscribers for three years after cessation of employment, he said, "The proposal is deferred."

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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Could HRIS Self Service Reduce Scheduling Issues?

When time-off requests are filled physically and employee have to recover their schedules from a piece of paper, which is in the workspace, the possibility for mistakes and conflicts is high. Employee might write their schedules down wrong or fall short to see modifications made after the schedule is discharged. Time-off requests might also be missed or inappropriately communicated, leading to dissent.

Launching self-service options that permit employees to see their schedules and request time off might support to organize procedures and lessen scheduling issues. This might be as useful to management as well as employers as it is to employees.

Increase Schedule Accountability

When employees could simply recover their schedule from any mobile devices, it could support to augment accountability and lessen the potential for mistakes. Employees 

could not say that the schedule has been altered or that they wrote down the erroneous days or times. Employees are both responsible for their own schedules as well as empowered to recover the information at will.

Streamline Time-off Request Processes

Time-off procedures could be chaotic when they are managed by using paper as well as scheduling books. Requests might be lost, managers or HR personal might not remember to put requests in, and approvals or rebuffs for requests might not be communicated in a timely method. Using self-service for time-off requests permits employees as well as managers to intermingle over a request in seconds from any place and sternly decreases the chances that the request will be overlooked.

Simplify Schedule Release Days

When schedules are discharged by using the physical way, employees frequently swarm to the schedule board or book. This could distract employees from their work, lessening productivity. Discharging schedules by using the HRIS self-service permits employees to access their schedules on their own time, lessening the disturbance during work hours.  

Improve Communications about Scheduling

There are likely to be alters to the schedule sometimes when employees call out or when unexpected emergencies happen. If the HRIS self service portal permits instant messaging, this alternative can assist to speed communication up when these events occur. After effectual communications, managers can also change the schedule in the system directly to lessen confusion and make sure that all shifts are covered effectively.   

Track Absences and Attendance

Depending on the kind of workplace, it might be probable to use self service portals for attendance as well as absence tracking. This might be specifically helpful if few or all of the employees work from remote places. Permitting employees to ‘cloud in’, track hours, and report absences by using a self service portal could make payroll as well as compliance reporting simpler and can ahead empower employees.

If required, information entered via self service portals might also be saved and used to assess and back up rewards, discipline, and performance reviews. Having the scheduling as well as attendance information all in single place could make it simple to recognize a pattern of absence or pinpoint that employees are offering the best client service or performing the best. By using HRIS self service for schedule tracking, communication, and distribution can enhance the scheduling procedure in several methods.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

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