How to Exchange The old Rs 500 and Rs 1000 Currency Notes: The Prime Minister Narendra Modi made a shocking announcement to the nation that currency denomination notes of Rs. 500 and Rs 1000 will be completely stopped from November 8 midnight. There is no need to worry as the old Rs 500 and Rs 1000 denominations are accepted in few places like government hospitals, railway counters, and airports for three days or 72 hours from 8th November 2016 midnight. There is a deadline for 50 days for Public to exchange their old notes with the new ones, i.e., from 10 November to December 30. People can go and exchange the Rs 500 and Rs 1000 denomination notes with a bank or post office for the new notes.
There will be no more Rs 1000 denomination notes exchanged.They will soon be replaced by Rs. 2000 notes respectively. The Reserve Bank of India will issue new Rs 500 and Rs 2000 notes. There is no change for notes and coins of lesser denominations like Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1.When ATMs are functional the withdrawal limit was set at Rs 2000 before increasing the withdrawal limit to Rs 4000, according to reports. Other non-cash payments and wired transactions continue to process.
Check out Below Image How to Exchange old Rs 500 and Rs 1000 Notes:
How to Exchange Your old Notes: Guide Lines to Exchange OLD Rs.500/Rs.1000 Notes
- Go to your 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.
- 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.
Our Advice:You can deposit your Rs 500 and Rs 1000 notes to your bank account. There will be no limit in depositing Rs 500 and Rs 1000 notes, you can deposit any amount you currently have in form of RS 500 and Rs 1000 notes. Rs 20,000 per week limit is only applicable in note exchange.Stay tuned for more trending news updates : Indiantalks .