Do you have 500 and 1000 Rs notes? And want to exchange them? Here we’ve listed all possible ways to exchange 500 – 1000 Rs notes in Banks and Post Offices.
To cease the spread of counterfeit notes, which is aiding terror actions from throughout the border, and flush out black cash, the federal government has determined to scrap the notes of Rs. 500 and Rs. 1000, Prime Minister Narendra Modi stated right now. Beginning midnight, these notes will solely be “well worth the paper they’re printed on,” he mentioned.
A proposal for brand new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.
How to Change old 500/1000 Rs Notes at Bank and Post Offices
There shall be no change in another type of monetary exchange — cheque, DD, payment via credit or debit cards, he mentioned.
Follow below methods to Change Rs. 500 and Rs. 1000 Notes:
- Deposit them on the bank or post office from November 10 to December 30
- Exchange them from a bank or post office till 24 November. The restrict for exchange is Rs. 4000
- Take Aadhaar card and Pan Card when you go to exchange notes
- After December 30, these will be deposited at the Reserve Bank with a declaration
Tourists can change the notes at airports:
- Petrol Pumps and government hospitals
- Railway, airline, government bus ticket booking counters
- Consumer co-operative stores run by state or central government
- Milk booths authorized by state governments
- Crematoriums and burial grounds
Here is a sequence of announcement by Prime Minister Narendra Modi:
8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.
8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
8:25 pm: There are, however, some exemptions. Government hospitals,
8:22 pm: The ATMs will not function till November 9, and in some places till November 10.
8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.
8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
8:10 pm: Corruption, black money and terrorism can come in the way of a country’s robust economic growth, says the Prime Minister.
8:07 pm: He moves on from corruption to terrorism. He tells “terrorists from across the border” are spreading counterfeit currency notes.
8:06 pm: We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.
8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone’s responsibility to eradicate poverty.