1. Rs 500 and Rs 1000 currency illegal! Don’t worry, here’s how you can exchange your existing notes

Rs 500 and Rs 1000 currency illegal! Don’t worry, here’s how you can exchange your existing notes

The Narendra Modi government has taken one of the biggest reforms in its tenure by declaring the existing Rs 500 and Rs 1000 illegal effective midnight.

By: | Published: November 8, 2016 10:26 PM
Rs 500, Rs 1000, Rs 500 note, Rs 1000 note, black money The government has put out various guidelines for people to exchange their old currency notes. Here is what you can do:

Crackdown on black money: The Narendra Modi government has taken one of the biggest reforms in its tenure by declaring the existing Rs 500 and Rs 1000 illegal effective midnight. While it undoubtedly means some inconvenience for the common man, the measure is aimed at eliminating black money in the long run. The government has put out various guidelines for people to exchange their old currency notes. Here is what you can do:

> Deposit old notes of Rs 500 or Rs 1000 in bank or post offices accounts from the 10th November till 30th December 2016 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.

> You can exchange old notes of Rs 500 or Rs 1000 at any bank, head post office or sub post office while showing your ID proof. The limit for this is Rs 4000 up to 24th November.

> No restrictions of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.

> On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of Rs 2000 per day per card. This will be raised to Rs 4000 later.

Also read: Where all can you use your existing Rs 500 and Rs 1000 notes for the next 72 hours?

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. On humanitarian grounds notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds. This window will be open for 72 hours.

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