500 And 1000 Rupee Notes Banned In India
Prime Minister Mr Narendra Modi on 8 November 2016 announced that 500 And 1000 Rupee Notes Banned In India from 8 November 2016 midnight onwards. He has taken this drastic step against corruption and black money ad to crack down on rampant corruption and counterfeit currency in India. According to the reports Indian government believes that by taking this decision they can hit black markets down and there would be least circulation of black money and fraud would not take place. And this decision will also help them in finding Rs 1.25 lakh crore black money.
All those people who are worrying what to do with the 500 and 1000 notes need not to take tention as government they have released the statement saying that all 500 and 1000 rupees notes are to be deposited at neat by Post Offices. So deposit your 500 and 1000 rupee notes today and get exchange of it from branches of commercial banks/RRBS/UCBs/State Co-op banks or from any Head Post Office or Sub-Post Office.
500 And 1000 Rupee Notes Banned In India
Prime Minister Mr Narendra Modi Statements regarding 500 And 1000 Rupee Notes Banned In India
Prime Minister Mr Narendra Modi in his 40-minute speech on 8 November 2016, first in Hindi and later in English said that the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper”.
He further added “all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid”. And new notes of Rs 500 and Rs 2,000 would be released and circulated from November 10.
Check Out! The New Rs 2000 Note printed by RBI
You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office. And those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof. He also announced that new notes of Rs 2000 and Rs 500 will be introduced.
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. Modi ji also said “Banks will remain closed on 9 November 2016 and in some places on 10 November 2016 also and ATMs will also not function on 8 November 2016.
How to Exchange Your 500 And 1000 Rupee Notes?
- Visit to the nearest Bank or to your nearest post office from 10th November to 30th December
- Carry a valid ID proof with you, like your Aadhaar card or PAN card or Voter ID or Passport etc
- Then submit your notes to bank authorities by showing your ID proof and get the exchange amount
Follow Up To See! Beautiful Things That Have Happened
Note
- You can only Exchange Rs 10,000 maximum in one day and Rs 20,000 maximum in a week.
- There is no restriction on internet banking, demand draft and Cheques
- ATMs will not function till 9th November and in places till 10th November
- 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
Where can you use Rs 500 Rs 1000 rupees notes before 11 November 2016?
It is said that in the the following government-authorized places and institutions you can use Rs 500 Rs 1000 rupees notes before 11 November 2016 as payment:
- Hospitals
- Railway, Airline, Bus Ticket Booking Counters
- Petrol, Diesel And Gas Stations Authorised By Public Sector Oil Companies
- Consumer Co-Operative Stores
- Milk booths
- Crematoriums and Burial Grounds
Where can you get the new currency notes?
With the new design, RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards.
In the battle against black money 500 And 1000 Rupee Notes Banned In India, as a honest and loyal citizen I am happy with this step of our Prime Minister Mr Narendra Modi. So are you happy? Do share your views and experience after you heard about 500 and 1000 Rupee Notes Banned In India.
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