Wednesday, 9 November 2016

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.
You May Also Like: What Should You Do About Ban of Rs. 500 and Rs. 1000 Notes?
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.

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