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Rs 500 & Rs 1000 Notes are Banned: Rs 2000 Note Introduced

Rs 500 and Rs 1000 Notes are Banned From 12AM 9th November 2016.
Indian PM Narendra Modi addressed the nation today an announced a huge decision against corruption and black money in India.
From 12AM November 9 Rs 500 and Rs 1000 Notes will be banned from India. Everybody must return their Rs 500 & Rs 1000 notes to the banks within 30 December 2016. All banks and ATM will be closed tomorrow.
Indian government done same in 1978 when it demonetised Rs 1000, 5000 and 10,000 notes.
Except that Rs 500 and Rs 1000 notes, other notes such as Rs 10, Rs 100 will be valid.
You should submit your Rs 500 and Rs 1000 notes between November 10 to 30 December 2016 in post offices or in banks using a valid ID such as passport or PAN card.
If you are unable to exchanges your money within 30 December 2016 you will be allowed to declare them in RBI till 31st March 2017. You can only exchange Rs 20,000 per week and Rs 10,000 a day.
Government Hospital, International Airport, Government Bus Stand, Railway ticket booking counter will still accept Rs 500 and Rs 1000 Notes till 11th November.

How to Exchange Your Notes: Guide Lines to Exchange OLD Rs.500/1000 Notes

  1. Go to your nearest Bank or to your nearest post office from 10th November to 30th December
  2. Carry a valid ID proof with you, like your Aadhaar card or PAN card or Voter ID or Passport etc.
  3. Then submit your notes to bank authorities by showing your ID proof.

How To Change 500rs and 1000rs note In Bank

  1. You can only Exchange Rs 10,000 maximum in one day and Rs 20,000 maximum in a week.
  2. There is no restriction on internet banking, demand draft and Cheques
  3. ATMs will not function till 9th November and in places till 10th November
  4. From 11th November till 24 November 2016 ATMs withdrawal is limited to Rs 2000 only and from bank you can withdrawal Rs 10,000, Max 20,000 Rs per week.
Our Advice:You can deposit your Rs 500 and Rs 1000 notes to your bank account. There will be no limit in depositing Rs 500 and Rs 1000 notes, you can deposit any amount you currently have in form of RS 500 and Rs 1000 notes. Rs 20,000 per week limit is only applicable in note exchange.

Tags: Rs 500 notes band, Rs 1000 notes band, Rs 1000 notes banned and Rupees 500 note banned


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