How can I exchange old Rs 1000 and Rs 500 notes?

Modi has taken a bold and effective step to curb black money. If you don’t have a black money, it should not bother you much. Your hard earned money will always be yours. You have enough time and opportunities to exchange the old Rs 500 and Rs 1000 notes to legally valid currency notes.

1. You can deposit in your account in any bank or post starting from 10/11/2016 to 30/12/2016. There is no limit for this deposit.
2. Once you deposit your Rs 1000 and Rs 500 notes, you can withdraw in legally valid currency notes up to Rs 10000 per day and Rs 20000 per week from the bank or post offices.
3. One can exchange the notes at banks or head and sub post offices producing identification documents like PAN, EPIC, Adhar, Passport etc. This kind of exchange of notes is capped at Rs 4000 up to 24/11/2016 and Rs 20000 from 25/11/2016 to 30/12/2016.
4. Even if you can not exchange your old Rs 1000 and Rs 500 notes during the given period up to 30/12/2016, you can exchange notes at specified RBI offices with a declaration up to end of this financial year.
5. One can withdraw up to only Rs 2000 at ATMs as of now from 10/11/2016 and it will be increased to Rs 4000 soon.

Panama Papers Offshore Leaks explains how Vijay Mallya siphoned off the money

While banks are having a hard time with Vijay Mallya being unable to recover a huge NPA, Mallya is  said to be holidaying in London. The banks are complaining he has siphoned off the loan given to Kingfisher Airlines.

When I searched few names in Offshore Leak, the web page returned the name of Dr Vijay Mallya. I was well expecting his name in the Panama Papers. Dr Mallya owns Venture New Holding Ltd in the tax heaven of North East Carribean nation- British Virgin Island. He is also the beneficiary owner of this firm. This holds another firm Sharecorp Ltd which is registered in India. Through this company Vijay Mallya was able to have business links with different countries like Singapore, China, Britan, Italy, USA to name few. He could have siphoned off the money through this network, also avoiding the taxation. The profit was routed back to him through Venture New Holding Ltd, legally avoiding the tax, being registered in the tax heaven, British Virgin Island.

Vijay Mallya holding shadow company in British Virgin Island.
Click on the image to view larger image.

He could have owned the asset through these firms more than that is required to liquidate his loans. It is impossible for anyone to hold a company in a tax heaven like British Virgin Island without any interest of siphoning off the money or tax avoidance. The banks should pursue the matter with the investigation agencies to look into the Mallya's case in a different angle.