Wednesday, 9 November 2016

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.

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