Full details available yet as disclosed by PM Narendra Modi and what you can do with your Rs 500 and Rs 1000 denomination notes:
# All banks will remain closed for public work on November 9.
# You can deposit currently used/old notes of Rs 500 and Rs 1000 in post office accounts or banks by December 30, 2016. There will be no limit on the deposit amounts.
# You can exchange used/old notes of Rs 500 and Rs 1000 at any bank, head post office or sub post office provided that you must show your ID proof. The limit for this is Rs 4000 upto Nov 24.
# Wthdrawal of Rs 10,000 per day and Rs 20,000 per week which will be increased in the coming days.
# You can do any number of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers.
# Rs 500 and Rs 1000 will cease to be legal tender from the midnight of November 8, 2016 i.e. today.
# On Nov 9 and in some places on Nov 10, 2016, ATMs will not work.
# For next 72 hours from now only these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:
- Government hospitals will continue to accept old Rs 500, Rs 1000 notes for payment.
- Railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets.
- Petrol, diesel and gas stations authorised by public sector oil companies
- Consumer co-operative stores authorised by state or central government.
- Milk booths authorised by state governments
- Crematoria and burial grounds
# Cheque out RBI notifications for more details.
2 comments
Good move...
Yes that's a nice move by PM.