To stop the spread of counterfeit notes, which is aiding terror activities from across the border, and flush out black money, the government has decided to scrap the notes of Rs. 500 and Rs. 1000, Prime Minister Narendra Modi said on Tuesday. Starting midnight, these notes will only be “worth the paper they are printed on,” he said.
A proposal for new 500 and 2,000 rupee notes has been cleared by the Reserve Bank of India.
There will be no change in any other form of monetary exchange — cheque, DD, payment via credit or debit cards, he said.
So Where to change Rs 1000-500 notes in India.?
- Deposit them at the bank or post office from November 10 to December 30
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs.4000
- Take Aadhaar card and PAN Card when you go to exchange notes
- After December 30, these can be deposited at the Reserve Bank with a declaration
- Tourists can change the notes at airports
Your 500 and 1000 rupee notes be accepted till November 13 at:
- 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
What is the limited amount you can withdraw from bank and what is the duration of it..??
There are no restrictions on card payment, cheque, demand draft, electronic funds transfer. However, there is a limit on daily and weekly withdrawals. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
What if you don’t have an bank account and still want to exchange notes in the Bank ?
No need to worry Mr PM have think about whole nation. So you can take form (in the image) that is a slip to withdrawn money but however you have to take a proof of your identity.
Going to the bank to exchange old notes? 3 things you should keep in mind.
Valid ID proof
You will be required to carry a valid ID proof, which can be in the form of your Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, any other ID card issued by the government. Keep a photocopy of your ID handy with you.
You will also be required to fill up a ‘requisition slip’ as per the format specified by the Reserve Bank of India (RBI). A sample can be seen above:
Exchanging old notes
You need not visit the branch of the bank where you have an account in. If you want to exchange up to Rs 4,000 in cash, you can simply go to any bank with a valid ID proof. This limit of Rs 4,000 for exchanging old notes will be reviewed after 15 days.
If you are carrying more cash (old notes), you will get up to Rs 4,000 per person in cash (new notes), irrespective of the actual amount, and anything over and above that will be credited.
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• The Income Tax department has notified that all cash deposits of above Rs50,000 in a day and all cash deposits that aggregate to more than Rs2.5 lakh during 9 November-31 December will require to quote the permanent account number (PAN). Also, banks will be required to quote all deposits exceeding Rs2.5 lakh in the annual information report sent to the tax department as against the current ceiling of Rs10 lakh.
• The Reserve Bank of India(RBI) and head offices of most commercial banks have not asked banks to collect photocopies of customers’ identities for exchange of old currency notes. The RBI said that its guidelines only require customers to present and show valid proof, the photocopies are not required, reports The Times of India.
• Shaktikanta Das, secretary, department of economic affairs: Use of indelible ink has started this morning with the SBI Parliament Street branch, Delhi
• SBI and few other banks in Delhi have started using indelible ink. As per a government statement, 11 branches of SBI are using the method to weed out customers queuing up again and again to exchange invalid currency notes, reports NDTV.
The political reactions, both for and against the move, have been sharp:
• Rajnath Singh, Union home minister says “the hardship arising out of demonetization may continue for around a month,” reports Mint.
• ANI reports: Uttar Pradesh CM Akhilesh Yadav announces that Rs 500/1000 old notes will be accepted for land registration till 24 November.
- Now the use of Rs 500 – Rs 1000 notes are completely stopped from 1 Dec 2016. Still you can change notes in RBI.
- ATM now have Rs 500 notes available in them.
- Daily withdrawal limit from ATM from per card is Rs 200