Rs.500, Rs.1,000 Note Ban - What You Need to Know and Do in the Next Few Days
Government just made Rs.500 & Rs.1000 Notes invalid for any Cash Transaction
Prime Minister Narendra Modi declared that Rs 500 and Rs 1,000 rupee notes would be pulled back from circulation effective midnight of November 08, 2016 to get serious about unrestrained corruption and fake currency. Rs 1000 and Rs 500 notes become history in Modi’s war on Black Money.
News Media got High TRP's Thanks to PM's
new move to curb down Black Money. As of Today (9th November 2016) old Rs.500 & Rs.1000 Notes are not valid for any cash Transaction.
Here’s what you need to know and do in the next few days:
Where can I exchange/deposit my Rs 500 and Rs 1000 notes?
Deposit old notes of Rs 500 and 1000 in banks or post offices between November 10 and December 30, 2016. Those who are unable to, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. One must produce a valid government identity card like PAN, Aadhaar and Election Card.
Where can I still use my Rs 500, Rs 1000 notes?
Till November 12, 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
• Hospitals, Crematoriums and burial grounds
• Petrol, diesel and gas stations authorised by public sector oil companies
• Arrangements have been made at airports so that travellers entering/leaving the country are not inconvenienced.
• Consumer co-operative stores and Milk booths
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.
When and where can I get the new currency notes?
Prime Minister Narendra Modi took the country by storm with this announcement. So these notes in your possession are mere useless pieces of paper. RBI will issue new currency notes of Rs 500 and Rs 2000 from November 10 onwards. These notes will have new design.
This move will definately help in changing the economic dynamics and it will surely help in increasing India's GDP.
It can be expected that the Markets will respond to this postively and we should observe a Surge in the market trends!