Thursday, 10 November 2016

Request Slip for the Exchange of Old Banknotes of Rs 500 and Rs 1000 denominations

Citizens have two options after the abolishment of Rs 1000 and Rs 500 banknotes, to get rid of them provided by the Government. They can either:
  1. Deposit old Rs 500 and Rs 1000 notes into their bank accounts.
  2. Exchange old Rs 500 and Rs 1000 notes.

People need not worry about the existing old notes with them. They can easily visit their nearest branch of any bank and either deposit the amount or exchange the old notes. They can visit their nearest branch by December 30, 2016. Citizens have altogether a period of 50 days, within which they can get rid of the old notes. After 30th of December only selected branches of Reserve Bank of India would be accepting the old notes.

There are two places where the old notes can be exchanged or deposited, Banks and Post offices. All National and Private banks of India have been instructed by the RBI to provide these facilities to the public. The person demanding exchange should have a valid Identity proof with them. They can either carry a PAN Card, Aadhaar Card, Passport or Voter ID Card.

Definitely, an account in the bank is not needed for the exchange of the old notes, as many of the citizens won’t be having any account. Post offices will also be accepting such exchanges. A person cannot exchange more than a value of Rs. 4000. People can exchange the old notes till November 24, 2016.

Talking about the deposit facility, it can be done until December 30, 2016. You can easily deposit the old banknotes to your account. The equally valued amount will be readily credited to your account. There is no limit for depositing the old banknotes to your account.

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After 30th December 2016 all banks won’t be providing these facilities anymore. People need to visit selected branches of Reserve Bank of India to exchange the old banknotes after 30th December 2016. You can visit those selected RBI branches within March 31st, 2017. No old banknotes would be entertained after March 31st.

Given below is the Request slip for Exchange of 500 and 1000 notes:

Name of the Bank
Name of the Tenderer (In capital Letters)
Identity Proof Original to be shown at the counter (Tick the one applicable)
Identification Number (Number mentioned in the Identity Proof submitted)
Details of Old High Denomination Bank Notes submitted for exchange
No of Pieces
Rs. 500
Rs. 1000
Total value in words:
Signature of Tenderer

People can withdraw cash from their bank account through the cash counters. The withdrawal shall be restricted to Rs 10000 per day. And an overall limit of Rs 20000 a week. There is no restriction on the usage of any non-cash operations. Facilities like Debit, Credit cards, also online transactions like NEFT, RTGS, IMPS and more!

Withdrawal from ATMs is restricted to Rs 2000 per day per card up to 18th November 2016. The limit will be raised to Rs 4000 per day from 19th November 2016.

The Rule has no doubt created a discomfort and an environment of panic among the people. But this discomfort is temporary. The benefits through this rule and the advantages are long termed.

Wednesday, 9 November 2016

How to Exchange, Deposit or Withdraw Money After Ban Of Rs 500 and Rs 1000 Notes

In what appears to be one of the biggest decisions of the Modi-led government, 500 and 1000 rupee notes have been banned from use. The Prime Minister addressed the nation in a televised press release yesterday and notified of the impending change.
The huge amount of black money, as well as, money earned from illegal sources, have compelled the government to lay down this law. The erstwhile release of the Panama Papers and the continual stress that the Modi government has been placing on recovering black money has probably brought about this drastic change.
Rs 1000 and Rs 500 Currency Notes

The Prime Minister also made a very pointed reference to the terrorism that is exercised by neighboring country Pakistan using forged currency. It is very well known that the notes that have been banned are also the most forged ones. India has been suffering badly because of the enormous amount of counterfeit notes that are still in circulation.
The 500 rupee note is the worst sufferer followed by the 1000 rupee note. In order to put a stop to all these illegal practices, this decision was suddenly announced.
Government officials have gone on record saying that this element of surprise was badly needed so that people could not convert their black money into white money very easily. Assurances have also been provided by finance minister Arun Jaitley that if income is legitimate, then exchanging money or depositing it won't result in any problem.

How to exchange, deposit, or withdraw money?

These are some points that you have to keep in mind regarding the money that you have in your house are on your person.
The priority at this instant should be withdrawing some money because the ATMs will be closed for the next 2 days along with banks and post offices. So if you do not have enough cash to get you through these two days, then it is advisable that you go to your nearest ATM and withdraw some money. Already there long queues in front of every money vending machine.
After midnight tonight and after the 2-day gap, every individual can withdraw 2000 rupees daily from an ATM. This limit will be enhanced to 4000 rupees shortly. If you wish to withdraw money from the bank then 10000 rupees is the limit for one day and 20000 rupees is the limit for one week.

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The next priority is to deposit all the 500 and 1000 rupee notes. If you have them lying around in your house, your hidden stash, or on your person then you have to collect it all and deposit it to your nearest bank branch or RBI branch. The post office will also do.
There are no restrictions on the amount of money that you can deposit. The deadline has been set for the 30th of December 2016 before which you have to submit all your 500 and 1000 rupee notes. If you are unable to do so you have to do it at the latest by 31st March 2017 but once you decide to complete the process after December, you will have to provide your identity proof at the bank.
You can also exchange the money and 4000 rupees is the daily exchange limit. Banks will remain closed for the next 2 days and as compensation will be open on November 12 and 13, which is the coming Saturday and Sunday.

In the case of an emergency, most government establishments will accept these 500 and 1000 rupee notes until midnight tonight. Petrol pumps and such establishments will also accept these notes until midnight of Tuesday.
A latest declaration that has come to light is the fact that toll taxes will keep on accepting these banned notes until the 11th of November. The National Highways Authority of India has instructed all of its operated to accept these notes until Tuesday midnight.

New 5000 Rupee Note- Real Or Fake We will Come to Know Soon

It can be said that the Indian Prime Minister Narendra Modi has stolen much of the limelight from Trump's unexpected win in the US Presidential elections by announcing all of a sudden that 500 and 1000 rupee notes will no longer be legal tender. The announcement was sudden as also is the deadline set for people nationwide to exchange their currencies. However, with the passage of time it has been determined by the government that the people need some time in order to exchange it all and, therefore, an extension of the deadline has been announced.
New Specimen of Rs 500 and Rs 2000 Note

The new currency notes:

Amidst much speculation and debate about what to do with the money and why such a decision has been taken, a fact that has come to light is the impending launch of the brand new 2000 rupee note. The 500 and 1000 rupee notes have been banned and it is also been announced that a new 2000 rupees note will start circulating from the 11th of November. Along with it, a brand new version of the 500 rupee note will also be released but the 1000 rupee note seems to be doomed.
There has been a buzz on Twitter since this afternoon about the possibility of the launch of a 5000 rupee note. It is not exactly known which user exactly started the rumor but this has been a much-discussed topic on the social media platform.
This move has come as a big surprise because nobody really had any inkling about this. This surprise is aimed at curbing corruption and also preventing black money transactions in India, both of which have been on the rise since times immemorial.

What to do with the 500 and 1000 rupee notes?

If you are stuck with the recently banned 500 and 1000 rupee notes, then you can read through the points below and then decide exactly what you want to do with it.
The first thing that you need to keep in mind is that these notes will be banned and, therefore, the utmost priority should be depositing them in the bank. There is no limit on how much you can deposit and so you must complete this process as quickly as possible.
It is also advisable to carry a valid identity proof while trying to deposit or withdraw money. In the case of your unavailability, you can also nominate a person to do the same but he/she has to carry an authorization letter from you and also their own identity card.
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If you have already completed the process about and now you need to make a withdrawal, then these are the things that you must keep in mind. You must withdraw money by midnight tonight because the ATMs will be closed down for the next 2 days. Once these ATMs reopen, every individual can withdraw only 2000 rupees which will be increased to 4000 rupees shortly.
If you are withdrawing money from the bank then restriction will be placed which will enable you to get only 10000 rupees per day and 20000 rupees per week. These restrictions will be lifted as soon as there are enough new notes going around.
The RBI will start circulating the new 500 and 2000 rupee notes from tomorrow. The new 5000 rupee note that is only a rumor till now might or might not be released.

If you are in the mood to exchange money, then you can only get 4000 rupees per day. You can exchange and deposit money at any branch of your bank as well as at post offices and RBI branches.

Rs.500 And Rs.1000 Notes Banned by Government- What Should You Do Now?

Indian Prime Minister Narendra Modi in a landmark decision yesterday declared that the Indian national currency notes 500 and 1000 will be banned in the near future. The announcement which startled most of the nation yesterday because of its abruptness has continued to spark panic among people. However, provisions and leeways have been announced by the government in order to provide people assurance that there will be no loss incurred. If you are also worried about what to do with your money, then you can just read through this post calmly and carefully and at the end you will know what to do with it. There is a particular time limit that has been set after which the notes will be declared void in value so you just need to get your OHD notes to the bank before that date. It might happen that you are not at your home presently or you are an NRI. This post will tell you exactly what to do with your money.
Old Currency of Rs. 1000 and Rs. 500

If You Are at Home:

If you are present in your home, then you can just collect all the 500 and 1000 notes from every nook and cranny and your hidden stash, then you can visit your bank branch and deposit it. This needs to be done by the 30th of December and at the latest the 31st of March 2017. After December, you will have to provide and identification proof if you wish to deposit your OHD notes.
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If you need to make a withdrawal from an ATM, you have to do it before midnight today as the ATM will stay closed for the next 2 days. When the become functional, you can withdraw a maximum of 2000 rupees which might be increased to 4000 later on. If you are making a withdrawal from the bank, then the cap is set at 10000 rupees per day and 20000 rupees per week. It is advisable that you start using net banking or your digital wallets as there are no restrictions on them.

If You are An Indian but You Are Not at Home:

If you are an Indian, but you are not at home right now you have until December 30 to deposit the OHD notes. If you are unable to return by December and even the last deadline during March, you can authorize a person to deposit the notes in your bank account. This person has to carry the authorization letter and also his/her own identity proof. If you are a non-resident Indian, then you can deposit the notes in your NRO account.

If you are a foreigner who is currently in India:

If you are a person of foreign origin who is in India on an official visit or for touring purposes, then you can get foreign exchange currency up to rupees 5000 and all airport will have such exchange counters. You need to keep in mind, however, that the exchange has to be completed within the next 2 days i.e. within 11th November.

In Case of Emergency:

If you have an emergency of any kind, then you can visit government establishments because they will be taking these OHD notes but remember that is only up to midnight tonight. You can purchase train tickets, air tickets, bus tickets, visit government hospitals and some other establishments which will be accepting these notes.

So, now you know what to do and if you have read this post calmly and carefully as instructed at the very beginning, then you must have realized that there is nothing to panic or worry about. The government has come up with a sudden declaration at an abrupt timing but as is evident, it has also made provisions so that you do not face any severe problem during this epic transition.

All You Need To Know About New Rs 500 and Rs 2000 Currency Notes

With Rs 500 and Rs 1000 notes losing its worth, RBI is all set to issue new currency notes. Government to fight back the rampant corruption and the black money issues, on Tuesday, declared the abolition of Rs 500 and Rs 1000 notes. The new Rs 500 and Rs 2000 note will have the signature of the RBI Governor Urjit Patel. The printing year ‘2016’ and the and Swachh Bharat Logo will be seen printed on the reverse side of the banknote. There are a lot more features in the new currency notes.
The RBI will be issuing the new banknotes of Rs 500 and Rs 2000 denomination sooner. The RBI won’t be issuing Rs 1000 notes any further.

The new Rs 500 and Rs 2000 notes will be quite different from the rest of the banknotes. In terms of appearance as well as in terms of security, everything will be different for this new bunch of notes.

New Currency Note of Rs. 500

Talking about the new Rs 500 notes, it has some news features. The new Rs. 500 notes are quite different from the ‘old’ series of notes. It has a different color with a new size as well as a new theme. In short, the design elements are totally different from the previous Rs 500 notes.
The size of the new Rs 500 note is 63mm x 150 mm. Whereas the old note measured 73mm x 167mm.  The color of the note is stone gray. The new theme for the new note is the Indian heritage site, Red Fort.

New Currency Note of Rs. 2000

Some different features of the new banknotes of Rs 2000 denomination, as per the RBI:

The Rs 2000 notes will be a part of Mahatma Gandhi New Series. The new denomination has a motif of the Mangalaayan, depicting India's first venture into space and a tribute to Indian Scientists. Magenta is the new base color of the Rs 2000 denomination note. The size of the new note is 66 mm x 166 mm.

RBI highlighted the Identification and features of the new Rs 500 note and Rs 2000 notes.

Here are the features present on the front side of the new currency notes:

It has a See-through register in denomination number with a Latent image with the denomination number. The Denomination number is written in Devanagari language. The Orientation and relative position of Mahatma Gandhi portrait has changed compared to the previous currency notes. Security thread changes color. It changes from green to blue when the note is held in the hand. The Guarantee clause along with the Governor’s signature with the promise clause and also the RBI emblem is shifted towards the right of the new note. Portrait and electrotype watermarks are present on the new currency note. Number panel with numerals increasing from small to big on the top left side and bottom right side of the note. Denomination number with the Rupee symbol is marked with a color changing ink. It changes from green to blue, present on the bottom right. Ashoka Pillar emblem is on the right of the note.

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For visually impaired citizens:

  • A raised printing of Mahatma Gandhi portrait along with the Ashoka Pillar emblem, bleed lines are present on the new banknotes.
  • A Circle with Rs 500 in raised print on the right. Five bleed lines on left and right in raised printing are present for the ease of the visually impaired people.
  • For the new Rs. 2000 note a Horizontal rectangle with Rs 2000 in raised print on the right. Seven angular bleed lines on left and right side in raised print is present on the front side of the new note.

The features on the Back side of the new Rs 500 and Rs 2000 notes:

The year of printing of the note is written on the left of the backside of the note. A Swachh Bharat logo with a slogan is marked on the new notes. A Language panel is present towards the center of the note. Red Fort with the Indian flag image is present on the back side of the note. Denominational number written in Devanagari language is on right side of the note.

What To Do With Your Rs.500 And Rs.1000 Notes After Ban?

If you are not already aware, then it is high time you know that the INR 500 and INR 1000 currency notes are no longer valid. The problems with corruption and black money have forced the Indian government to announce the scheme suddenly in an effort to end these problems.
Indian Prime Minister Narendra Modi announced this plan in a press conference yesterday sparking fear among the general public. However, a set of guidelines and solutions have been released so that people carrying 500 and 1000 notes might get to deposit it in the bank and change it with the new 500 and 2000 rupee notes. The denominations less than 500 will all be in play as usual.
Old Rs. 500 and Rs. 1000 notes

How to change Old 500 and 1000 notes:

The first thing that comes to mind after hearing this news is sheer panic but you need not worry as the government has made provisions so that you can change your notes. In this post, I will make it clear as to how you can change your notes and not suffer any kind of loss due to this new scheme that the government has laid down.
Collect all your 500 and 1000 rupee notes and deposit them at your nearest bank branch, RBI branch, or post office. You can do this until the 30th of December. Therefore, it is evident that you have ample time to change your notes. There is no limit on how much you can deposit but it is advisable that you carry your identity card with you. A final deadline has been laid down after which the OHD notes will become completely invalid. This date is 31st March 2017. However, if you want to deposit your OHD notes after the 30th of December and before 31st March, then you will have to furnish your ID proof and a declaration.

Money withdrawal rules:

If you want to exchange your notes so that you can make transactions, you can also withdraw money but there is a restriction on that because new notes are being printed and it will take some time to circulate it nationwide. For every person, the limit of exchange is 2000 INR. This restriction will be in play until the 24th of November and in the meantime, the 2000 rupees restriction will be extended to 4000. These restrictions will be in play if you are withdrawing money from any ATM. The ATMs will also remain unavailable till 11th November.
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If you want to withdraw money from any of your bank branches, then there is also a cap on the withdrawal amount. Every individual can only withdraw INR 10000 in a single day from the 14th of November and INR 20000 in one week.
In the case of tourists, money can be exchanged at all airports.
New Rs. 2000 Note

What if you cannot exchange, deposit, or withdraw money:

It may happen that you are in a place a situation where you cannot exchange your money, deposit it, or even withdraw money from your bank. In that case, the government has extended the ban on the notes until midnight tonight. These OHD notes will be accepted at petrol pumps and retail outlets, government hospitals, government establishments, crematoriums and cemeteries, and some other establishments. The one thing to note here is that you must do everything within your power to change your money by midnight.
So this is the basic premise of what you can do immediately in order to escape this close down by the government. There is no need to panic as ample time has been provided so that you can comfortably change your notes and not suffer any loss. For more information related to this scheme, you can check out the link below.

Rs 500 and Rs 1000 Notes Banned! Here’s the full guide on What You Need to Do With the ‘Old’ Banknotes

The news of Government abolishing the Rs 500 and Rs 1000 notes has already created a storm of worry among the citizens. Talking about the current scenario, all ATMs, and other cash machines will be shut on November 9th, 2016. ATMs will continue to function from November 11th, 2016. The ATMs would likely to have denominations of Rs 50 and Rs 100.

You can withdraw an amount of Rs 2000 per day with your card. The withdrawal limit at an ATM would be Rs 2000 per card till November 18th, 2016. The withdrawal limit would increase to an amount of Rs 4000 per card for each day from the 19th of November, 2016.

But, the question arises what’ll happen to the existing notes with the citizens. Do not Panic, if you have the old Rs 500 and Rs 1000 notes.

Here’s What You Need To Do:

If you have the older Rs 500 and Rs 1000 notes, you can submit the notes at any branch of the Reserve Bank or any other bank branch. The amount is then credited to your respective bank account. This facility is available from November 10th, 2016 till December 30th, 2016. There is no limit to this facility. You can deposit all your cash to your account. You will have a total of 50 days to deposit your old notes.

The other bank operations remain unaltered, like the Cheque facility, Demand-draft and more. You can operate these facilities, like before. The online transaction facilities like, RTGS, IMPS, NEFT, mobile banking, internet banking etc. would work normally. There is no restriction or rule of any kind of non-cash payments.

Complete Details about Ban of rs. 500 and rs. 1000 notes

If you do not have an account in any of the banks, worry not. You can exchange notes of value up to Rs 4000 per person. You can avail the cash exchange facility over the counter of any bank branch and Post Offices. A valid identity proof is required for availing this exchange facility. Without a valid ID, one cannot exchange his old notes.

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All banks remain closed on November 9th, 2016. Citizens can even withdraw cash from the bank cash counters. Cash withdrawals from bank cash counters will be restricted to a limited amount. You can withdraw an amount of Rs 10,000 per day. And a limit of Rs 20,000 a week.

In a case of an Emergency, you can use the Old notes for the next 72 hours.

Here’s the Process of Exchanging Old Notes:

  • Government hospitals will be accepting the old Rs 500 and Rs 1000 notes for the payment, for the next 72 hours. Ticket booking counters of Railway, Government buses and Airline ticket counters at the airports will be accepting the old notes for the purchase of tickets.
  • Petrol, diesel and gas stations would also be accepting the old Rs 500 and Rs 1000 notes.
  • State Governments authorized Milk booths and places like burial grounds and crematoria would be open for the old 500 and 1000 notes for the next 72 hours.
  • You need to exchange the old notes by 30th December 2016. In any of the cases, if you are unable to exchange your notes, you can still exchange your notes from Reserve Bank offices, after 30th December, 2016.
  • For now notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins are valid and are not affected by the rule. 

Tourists and International Travelers:

Tourists need to visit the international airports to exchange the old Rs 500 and Rs 1000 notes. A value of not more than Rs 5000 will be exchanged at the airport.

Rs 1000 notes won’t be issued by RBI any further. From the coming November 10th onwards RBI will start issuing the new Rs 500 and Rs 2000 notes.