Prime Minister Narendra Modi declared a ban on Rs. 500 and Rs 1000 notes making them illegal. Declaring them to be void, it’s a gigantic step taken by the PM to crack down on black money in the market. A decisive war against deep-rooted corruption, this step was a needed one.
Masses in India are confused about what to do about these old notes of Rs. 500 and Rs. 1000. It is a fact that almost every individual in India might possess some currency notes of these denominations and somehow wants to get them exchanged as soon as possible. We, here at Chandigarh Metro studied the entire process, regulations, deadlines and methods by which any citizen of India can deposit old Rs. 500 or Rs. 1000 notes in bank or get them exchanged with new notes.
Let us understand how the public can use/exchange the Rs. 500 / Rs. 1000 notes they already have.
Exchange Old Notes:
- For those who withdrew money last evening or already had some cash reserved for emergency, these notes can be exchanged for new ones from 10th November, 2016 onwards.
- A limit of Rs. 4,000 has been set till 24th November.
- You will have to visit the nearest branch of your bank or Post-office with your Aadhaar Card/Voter ID/Ration Card/Passport or PAN Card.
- After 24th November, the limit of Rs. 4000 per day would be removed.
Deposit Old Notes in Your Bank Account:
- All the old notes of Rs. 500 & Rs. 1,000 can be deposited in your bank or Post-office account from 10th November, 2016.
- You need to have a valid bank account and/or Post-office Saving A/C.
- If you are unable to deposit the old notes in any bank, you’ll have ti option to get them exchanged from RBI till March 2017. To do the same you will have to present ID Proof, PAN and a Deceleration Form.
Withdraw New Notes:
- ATM Services will commence from 10th November.
- A limit of Rs. 2000 per day has been set till 18th November, 2016. This means you’ll not be able to withdraw more than Rs, 2000 on any specific day till mentioned date.
- From 19th November, a sum of Rs. 4000 can be withdrawn from the nearest ATM.
- You can also withdraw a total sum of Rs. 10,000 per/day but no more than Rs. 20,000 per week through cheque/withdrawal slip from your bank/Post-office respectively.
Shopping & Payments:
- You’ll npot be able to buy anything before 10th November, 2016 from shops/stores by giving them a Rs. 500 or Rs. 1000 note. Old notes will not be acceptable in any of the stores.
- From 10th of November you will be able to purchase products from stores only if you have Rs. 100 note or if you get new Rs. 500 / Rs. 2000 note.
- However, payments can be done through Credit Card/Debit Card/ DD/Online and E – Banking.
Check Out This Chart
Please note that old Rs. 500 and Rs. 1000 notes can be used to do payments in hospitals, railway stations, airports & petrol pumps till 10th Nov, 2016.
Undoubtedly, it is a great move by PM Modi. We at Chandigarh Metro request you to spread the news and inform your maids, car cleaners, street hawkers, garbage pickers, etc. who don’t have TVs and newspapers and might not be aware of this decision.
With the intention to curb black money, PM Modi stated that since his government came into power, Rs. 1.25 lakh crores of black money has been exposed. This step will also help to control duplicate currency notes used by notorious countries to sponsor deadly terrorist attacks. New notes of Rs. 500 and Rs. 2000 will be available from 11th November, 2016.