Rs 500 and Rs 1000 notes ban
Why the decision was taken to ban Rs 500 and Rs 1000 notes :
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 Rss.s.s.s. 500 and Rs.s.s.s.s 1000, Prime Minister Narendra Modi said on Tuesday. Starting midnight, these notes will only be of no use.
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
What To Do With 500 And 1,000 Rupee Notes :
1. Exchange Rss.s.s. 500, Rss.s.s. 1000 notes at banks, post offices from November 10 to December 30 2016
Citizens must present Aadhar card and PAN card to exchange old notes
2. After Dec 30, old notes can be exchanged at RBI with a declaration
3. No need to worry you have 50 days time to exchange , deposit your old notes in banks, post office and lower denomination notes and coins will remain legal tender.
How 500rs Note will appear :
Key Points :
- You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc
- Banknotes can be deposited in Cash Deposits machines / Cash Recyclers.
- There will be no change in any other form of monetary exchange -- cheque, DD, payment via credit or debit cards, he said.
New Indian Rupee/Currency Exchange Policy :
| Actions | Maximum Limit | Duration |
|---|---|---|
| Old Notes Exchange | Rs. 4000 | 10th Nov - 24th Nov |
| Bank Note Withdrawal | Rs. 10000 Daily | 10th Nov Onwards |
| Bank Note Withdrawal | Rs. 20000 Weekly | 10th Nov Onwards |
| ATM Note Withdrawal | Rs. 2000 Daily | 10th Nov - 18th Nov |
| ATM Note Withdrawal | Rs. 4000 Daily | 19th Nov Onwards |
| Old Note Deposit | No Limit | 10th Nov - 30th Dec |
| Cashless Online Shopping | No Limit | 8th Nov Onwards |
How much you can withdraw from ATM :
It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs 2,000/- per card per day upto 18th November, 2016. The limit will be raised to Rs 4000/- per day per card from 19th November 2016 onwards.
Can You withdraw cash against cheque :
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹10,000/- in a day within an overall limit of ₹20,000/- in a week (including withdrawals from ATMs) upto 24th November 2016, after which these limits shall be reviewed.
Proof of identity to carry for deposit the cash :
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
Reference taken from :
Further information is available in website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)
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