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
kushal kumar says
PM Narender Modi was in the air at about 9 PM on 8 November 2016 announcing that currency notes of rupees 500 and 1000 stood banned effective from midnight of the said date. Details of going about and conditions were also spelt out. The objectives of the move so declared are obvious and could likely have salutary effect on economy of the nation. In this regard , it may be relevant to let readers know this Vedic astrology writer’s prediction in article “ 2017 – an opportune year for India with some major worrisome concerns in February- March and August- September” under submission to a well known print-online news magazine thequint.com for some days past from 9 November 2016. These yearly predictions , like those hitherto well –known for the present year 2016 published on 18 January 2016 and happened meaningful , are intended to serve as an alert for the nation for strategies to deal with likely planetary influences from cosmos having potential to manifest in some scenario. Briefly speaking , the year seems to suggest , as the title of the article goes , certain opportunities for the nation followed by realization during April to July . Having said that , it does not mean that there are no opportunities or realization during remaining period of the year but the quantum seems to be not as much as in April- July. At the same time , as the title of the article further suggests , February- March and August- September look to be having potential to cause major worries but much depends on how prepared nation is to face or set off those impacts, meaning thereby that these predictions donot carry a character of certainty or determinism. Our doings or present acts known as ‘ karma’ also has a role in either diluting or reducing such planetary potential. Coming to the economy of the nation during the year , this is what has been said in the article under submission : – “ Economy may be straightened up to an extent”. So it seems one big step or measure of the Govt has come in that direction on the midnight of 8 November 2016 , on the eve of 2017.