What to do with the existing 500 and 1000 Indian rupee notes ?
Prime Minister Narendra Modi yesterday announced the scrapping of 500 and 1000 rupee notes from midnight.
This initiative was taken to counter the fake money circulation that is allegedly funding the cross border terrorism.
People are worried about what to do with the 500 and 1000 rupee notes. Here is what you have to do to change these notes.
The government has given 50 days time for changing the notes. Deposit all the 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 by producing valid ID proofs.
ATMs will not be functional on November 9 and at some places on Nov 10 as well.
There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal of money. This limit is to be increased soon.
Rs 500 and Rs 1000 notes will be accepted at hospitals, drug stores, crematoriums till November 12.
Exchange of old notes for cash upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.
There is no restriction on non-cash payments including transactions by cheques, demand drafts, electronic fund transfers, debit and credit cards.
The notes can also be used at designated fueling stations till November 12.
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with Rs 500 and 1000 notes till November 11.
Arrangements have been made at airports so that travelers entering/leaving the country are not affected by the sudden developments.
Also Read : This is how the new Rs 500 and Rs 2000 notes look like
