Tuesday, 8 November 2016

Indian Government Banned Rs. 500 and Rs.1000 currency notes in Order to fight Corruption

PM Narendra Modi on Tuesday announced the abolishment of Rs 500 and Rs 1000 notes, to fight the odds of our country. The rampant corruption and the counterfeited notes have always been an obstacle towards our country's growth. With this firm move, India’s economy is likely to become more strong with all the ‘Black Money’ out.

The government has banned the existing Rs 500 and Rs 1000 notes, What next? What happens to the existing Rs 500 and Rs 1000 notes?

Worry not, you can easily exchange your 'Old' notes from your nearest banks along with a valid ID proof.

ATMs and other cash machines will be shut on November 9th, 2016. Some ATMs may also remain closed on 10th November. At first, the citizens might face a little trouble but Government has designed all possible ways for our convenience.

Here's How You Can Exchange Your Rs. 500 and Rs. 1000 Notes:

The existing Rs 500 and Rs 1000 notes can be submitted to any branch of the Reserve Banks or any other bank. The amount can easily get credited into your respective bank accounts by just submitting the older notes. This facility is available from November 10th until December 30, 2016. This facility has no cash limit. This means you’ll have 50 days to deposit your notes into your bank account.

Currency notes banned in India

There is no restriction in using the IMPS, NEFT, RTGS, internet banking, mobile banking etc facilities. ATMs are expected to function from 11th November 2016. The ATMs are likely to have denominations of Rs 100 and Rs 50.

Exchange Process for Those with No Bank Account:

Notes of value up to Rs 4000 per person can be exchanged for cash. They can get exchanged over the counter of any bank branch and post offices. A valid identity proof is required for availing this exchange facility.

In a case of Emergency, Government hospitals will be open for Rs 500 and Rs 1000 notes for the payment in the next 72 hours. Airline ticket counters, Railway ticket booking counters, ticket counters for Government buses will continue accepting the old notes, for the next 72 hours. Petrol, diesel and gas stations will also accept the existing Rs 500 and Rs 1000 notes.

People can withdraw a fixed amount of Rs 2000 per card each day from the ATMs. Citizens can withdraw an amount of Rs 2000 till November 18. The limit is likely to increase to Rs 4000 per day from November 19, 2016.

The Old Rs 500 and Rs 1000 notes will be treated like a mere piece of paper from the 1st March 2017.
RBI is all set to issue a new Rs 500 and Rs 2000 denomination banknotes. Rs 1000 notes won’t be available any longer.


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