Life @ TradeIndia Research

Wednesday, 9 November 2016

Rs 500, Rs 1000 notes Discard: All you have to know and do in next few days

PM Narendra Modi on Tuesday declared that Rs 500 and Rs 1,000 rupee banknotes would be pulled back from flow at midnight to get serious about uncontrolled corruption and fake currency.

This is what you have to know and do in the following few days:

Where would I be able to deposit my Rs 500 and Rs 1000 notes?

From November 10 till December 30 you can deposit the old notes at your closest bank or post office accounts without any limit. In any case, withdrawals from banks are topped at Rs 10,000 every day and Rs 20,000 every week. This limit will be expanded in the coming days.

You can also exchange Rs 500 and Rs 1000 notes for lower category at banks, head post office and sub-post office. However, the exchange limit has been topped at Rs 4,000, and you can exchange till November 24. One must create a valid government identity cards like PAN, Aadhaar and Election Card.

Banks will stay shut on November 9 permitting them an opportunity to adapt to the new order.

There is no restriction of any sort on non-money payments by checks, DDs, debit or credit cards and electronic fund exchange.

What are the limitations on ATM withdrawals?

ATMs won't deal with November 9 and in a few places on November 10. But from November 11, you can withdraw cash and ATMs will stop dispensing the current Rs 500 and 1000 notes. For the first few days, these withdrawals are being limited to Rs 2,000 for every card for every day, and will later be expanded to Rs 4,000 for each card for each day.

Where would I be able to even now utilize my Rs 500, Rs 1000 notes? 

Till November 11, the following government-authorized spots and organizations will keep on accepting Rs 500 and Rs 1000 notes for payment:
  • Consumer co-operative stores
  • Petrol, diesel and gas stations authorised by public sector oil companies
  • Railway, airline, bus ticket booking counters
  • hospitals

See Effect on Stock Market

No comments:

Post a Comment

Commodities are powered by India