Banned Rs. 500 Rs1000 Notes
Rs 500 and Rs 1000 notes banned with immediate effect! Things you need to know!
In a surprise move by the Modi Government, notes of Rs 500 and Rs 1000 are banned! Yes, these notes are ceased to be legal from today 12.am i.e. 9th of November. Today, PM Modiji addressed the nation and announced this surprising decision. He explained that the motive behind this was to attack black money, corruption, terrorism and fake currencies.
Those who are having old notes of Rs 500 and Rs 1000 can get it exchanged at banks or post offices from the 10th of November to the 31st of December 2016. However, if not possible during that period, there is an option of submitting an application to RBI and getting it exchanged till 31st of March 2017.
Given below are few things that you MUST know!
Banks would remain closed tomorrow and from 10th of November till 30th of December, old notes can be exchanged at the post office accounts or banks without any sort of limits. However, you need to show your ID proof i.e. your PAN card, your Aadhar card or your voter ID. However, an exchange limit has been set for the same. Till 25th of November, you can exchange just Rs 4,000 per day. Tomorrow, banks are closed because they wish to settle with this new rule and accordingly implement it.
Tomorrow and day after tomorrow, the ATMs too would be closed. However, in some places, ATMs would operate, but they won’t dispense Rs 500 and Rs 1000 notes. For initial few days, there is a restriction on the withdrawal of just Rs 2000 per card per day. Moreover, the monthly limit for the same is just Rs 20,000. After few days, the daily limit would be increased to Rs 4,000 per card per day.
Where can these notes still are used?
Till 11th of November, these notes can be used at some government institutions and government authorized places. Given below are the places;
- Bus and railway ticket booking counters
- Milk booths
- Burial grounds and crematoriums
- Consumer co-operative stores
When can I get new notes?
New currency notes of Rs 500 and Rs 2000 would be issued by the RBI from the 10th of November. The design and the look of these notes would be completely new.
We are proud of our PM Modiji for announcing such a decision. This is surely going to help in curbing the issue of black money and corruption.