Cash crunch hacks: How to make your money work for you

With the ongoing cash crunch amid the govermments high value currency demonetisation drive, the citizens need to adopt an alternative mode to facilitate their banking transactions.

Since the banks and ATMs are being thronged by people with an objective to get new series notes and get their old notes exchanged. Online Banking routes ought to be the preferred mode to complete financial transactions in an effective and swifter manner.

Here are some key guidelines which can be followed by citizens to ease the cash crunch:

# E-banking, cheque payments, electronic transfer of funds should be practiced.

# Credit card and debit card, direct fund transfer and e-wallet should be preferred during the cash chaos 

# E-wallets and Unified Payment Interface are easy way to send and receive money using a Virtual Payment Address (VPA)

# Direct cash transfer should be preferred and raw cash should be used only on places with no possibilities of card transfer.

# One can use old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.

# Deposits above Rs 2.5 lakh in 50 days to be scrutinised.

# One can exchange old defunct notes till Dec 30, 2016.