Rs 500, Rs 1000 Currency Notes Banned in India : How to Exchange Old Currency Notes ? In a major step to check black money, Prime Minister Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. In his televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
Rs 500, Rs 1000 Currency Notes Banned in India – How to Exchange Old Currency Notes
India has made a strict decision of banning regular 500 and 1000 rupee notes from circulation which is a result of finding 1.25 lakh crore black money. Indian government believes that by taking this decision we can hit black markets down and you would be least circulation of black money and fraud would not take place.
IMP Points :
The ATMs will not function till November 9, and in some places till November 10. Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight. Banks will be closed on November 9. A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister. These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
Control rooms formed in RBI in Mumbai – 022 22602201, 22602944 will be operable from tomorrow morning 8 am, says Shaktikanta Das
Watch PM Modi’s Speech in Hindi: PM Modi BANS 500 And 1000 Rupee Notes #IndiaAgainstCorruption
How to Exchange Old Rs 500 and Rs 1000 notes : Here’s what to do with old notes
1. Exchange Rs 500, Rs 1000 Notes Showing ID Proof
2. Deposit Old Rs 500, Rs 1000 Notes Notes in Banks, Post Office Accounts
3. Can Exchange notes between November 10 and December 30
4. No Restriction on card payment, cheque, DD, Electronic funds transfer.
5. Rs 10,000 withdrawal per day, Rs 20,000 withdrawal per week.
6. People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
7. There is no restriction of depositing your legal Rs. 500, Rs. 1000 notes for exchange. Any amount, as long as it is legal, can be exchanged.
Will the govt issue new Rs 2000 and Rs 500 notes?
PM Modi said that new notes of Rs 2000 and Rs 500 would be released and circulated from November 10.
What are the restrictions on ATM withdrawals?
ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.
Where can I still use my Rs 500, Rs 1000 notes?
Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:
- Railway, airline, bus ticket booking counters
- Petrol, diesel and gas stations authorised by public sector oil companies
- Consumer co-operative stores
- Milk booths
- Crematoriums and burial grounds
Above source : hindustantimes.com
In Pics: New Rs 500 note that will be issued
In Pics: New Rs 500 note that will be issued pic.twitter.com/N51HDChDs3
— ANI (@ANI_news) November 8, 2016
In Pics: New Rs 2000 Note that will be issued
In Pics: New Rs 2000 Note that will be issued pic.twitter.com/4NXhNOpxxA
— ANI (@ANI_news) November 8, 2016