Prime Minister Narendra Modi has decided to scrap the notes of Rs. 500 and Rs. 1000 to stop the spread of counterfeit notes, which is aiding terror activities from across the border, and flush out black money. However, there will not be any change for other notes. The Rs 500 and Rs 1000 notes will only be worth the paper they are printed on.
However, if you have these notes then you can exchange them within 50 days i.e; from 10th November to 30th December 2016.
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How to Exchange Old Rs. 500 & Rs. 1000 Currency Notes?
- The Rs 500 & Rs 1000 can deposit in any bank or post office.
- Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices by presenting any of the following government identity proofs.
- PAN Card
- Aadhaar Card
- and Election (Voter ID) Card
- Only Rs. 4000 can be exchanged per day till 24th November.
Restrictions on Withdrawals:
- ATM withdrawals will be restricted to Rs 2000 per day
- Withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
However, there are no restrictions on card payment, cheque, demand draft, electronic funds transfer.
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:
- Hospitals
- Railway, airline, bus ticket booking counters
- Petrol, diesel and gas stations authorized by public sector oil companies
- Consumer co-operative stores
- Milk booths
- Crematoriums and burial grounds
Will The Govt Issue New Notes?
A proposal for new 500 and 2,000 rupee notes has been cleared by the Reserve Bank of India which will be issued from 10th November.
PM Modi said the process of cash circulation is directly related to corruption in the country impacting the lower classes of society.
