All You Need To Know About Rs. 500 & Rs. 1000 Currency Ban

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What you can do with your old Rs 500 & Rs 1000 currency notes

From November 10 till December 30 you can exchange the Rs 500 & Rs 1000 notes at your nearest bank or post office without any limit. But withdrawals are capped at Rs. 2000 and Rs 10,000 per day from ATMs & banks respectively. 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.

What if I fail to deposit the notes by December 30?

Those who are unable to deposit Rs 1000, Rs 500 notes by Dec 30 for some reason, can change them till March 31, 2017 by furnishing ID proof like PAN, Aadhaar and Election Card.

Banks and ATMs will remain closed

Banks will remain closed on November 9 allowing them time to cope with the new directive. Some ATMs will also remain closed on the same day.

There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer.

There are some places that still accept 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 stations
  • Consumer co-operative stores
  • Milk booths

RBI to issue new currency notes

RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.

There are some images going viral online claiming to be the new notes to be issued.

new-currency-notes

Engineering student by education and Entrepreneur by choice. Asish is a TCS Best Student Awardee, NDTV featured student entrepreneur and International School of Entrepreneurship Education awardee. He also worked with many startups and big companies for their business development and strategical growth. Asish has been heading The Startup Journal since its inception in 2014.