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Rupees 500 and Rupees 1000 Notes Banned: 10 Things to Know About It

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Finally some bold step against black money and counterfeit currency has been taken by India's Prime Minister Narendra Modi. PM Modi has announced that Rs. 500 and Rs. 1000 notes will cease to be legal from midnight today (08 November, 2016).
10 Things to know about this announcement and what to do with your old Rs 500 and Rs 1000 notes:

  1. All Banks like SBI, SBBJ, ICICI, HDFC etc. will be closed tomorrow for any sort of public transactions and all ATM of every bank will not function. In some places ATM will be closed on Thursday November 10, said PM Modi. This is for giving banks some time to allow them to make changes.


  2. Everyone can deposit old notes of Rs. 500 or Rs. 1000 in banks or post office accounts from November 10 till December 30, 2016 without any limit. In total there are 50 days for depositing money in the banks or post office. Limit will be on withdrawal from ATM as Rs. 10,000 per day and Rs. 20,000 per week. In coming days this limit will be increased. Note: You must carry your Aadhaar card and PAN Card when you go to exchange notes. The limit you can exchange is Rs. 4000 upto November 24.

  3. Tourists can change notes at airports.

  4. Till November 11 or for 72 hours, government hospitals will continue to accept Rs. 500, 1000 notes. Note: A doctors prescription must be carried with such notes.

  5. Railway counters, bus ticket counters and air tickets counter too will accept these notes for 72 hours for purchase of tickets.
  6. Only Reserve Bank of India (RBI) will be the only place where you can change the notes after December 30.

  7. Till Nov 11 one can also use their old notes at petrol stations authorised by public sector oil companies, milk booths and crematoria and burial grounds.

  8. Notes of Rs. 100 and lower denominations will all continue to be legal tender as usual.

  9. Coins too will continue to be legal tender. Online transactions and card payments will not be affected. They will remain same as till date.

  10. New currency proposal has been accepted by RBI for new 500 and 2000 rupee notes.


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