Wednesday, 9 November 2016

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.

You May Also Like: All You Need To Know About New Noes of Rs. 500 and Rs. 2000

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.


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