India Banned Rs500, 1000Rs Notes From Today : Reason & What To Do NOW!
News gonna viral that Prime Minister Narendra Modi announced that India Banned Rs500, 1000Rs Notes From Today. 500 and 1000 rupee notes are to be discontinued from midnight today. In a surprise move the government declared that ₹500 and ₹1000 notes will be illegal from Tuesday midnight. This decision has been made by the present government under the PM who says, IMF and World Bank states India is an economic star now.
Prime Minister Narendra Modi also announced that every citizen has allowed to withdraw Rs 10000 a day and Rs 30000 a week. Citizen don't allowed to withdraw rs 30000 a week. This ban on notes can be major stroke on Indian economy but we will, have to wait and watch how it turns out to be. The question was that why Prime Minister Narendra Modi announced to banned the notes 500 and 1000 rs.
Where Can I Exchange/ Deposit My Rs 500 and Rs 1000 Notes?
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| India Banned Rs500, 1000Rs Notes From Today : Reason & What To Do NOW! |
You can deposite your currency in the nearest bank and post office From November 10 till December 30. But withdrawals from banks are capped at Rs 10,000 per day and Rs 30,000 per week. The limit may be increased on coming days, may be not.
Limit To Exchange Money Every Day
You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. One must produce a valid government identity cards like PAN, Aadhaar and Election Card.
Banks will remain closed on November 9 allowing them time to cope with the new directive. To setup the new facilities.. All ATM facilities will be closed on November 9 to November 10.
What Are The Restrictions On ATM Withdrawals
ATMs will be closed on November 9 and 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.
Where Can I Still Use My Rs 500, Rs 1000 Notes?
Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for 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 I Get The New Currency Notes?
RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.