In an unprecedented crackdown against black money, the Narendra Modi government has announced that all existing Rs 500 and Rs 1000 notes will be rendered illegal! For all those who are wondering what they can do with their Rs 500 and Rs 1000 notes in the case of emergency, the government has given a 72 hour window for using them. To avoid inconvenience, the government has said that people can use their Rs 500 and Rs 1000 notes at hospitals, for railway ticket booking, petrol and diesel purchases among others. Below is the full list of places and purchases for which you can use your Rs 500 and Rs 1000 notes in the next 72 hours:
> For 72 hours, government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payment
> For 72 hours, railway ticket booking, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets.
> For 72 hours, old Rs 500 and Rs 1000 notes will be accepted at:
. Petrol, diesel and gas stations authorised by public sector oil companies
. Consumer co-operative stores authorised by State or Central government
. Milk booths authorised by State governments
. Crematoria and burial grounds
There is also no need to panic for the common man, as the government has given people time from November 10 to December 30, 2016 to deposit their old notes at the bank without any limit. There will be a limit on the withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
The government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation. Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today. There is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.