In a major step to check black money, Indian Prime Minister Modi shook the entire nation by announcing demonetization of Rs 500 and 1000 currency notes. What should you do now?
Here’s What To Do With Your Old Rs.500 and Rs.1000 Currency Notes
We all know that Indian Prime Minister Narendra Modi yesterday announced a major step to check black money. He announced that Rs 500 and 1000 notes will be no more valid from yesterday’s midnight. It was indeed a major assault on black money, fake currency and corruption.
The declaration has created the huge impact on citizens. You might be thinking what about the existing notes of Rs 500 and 1000. So, now you have only 50 Days left to exchange your existing notes with a new one. From 10th November to 30th December 2016, you can exchange your notes in any bank or post office.
Here’s what you have to do if you want to exchange old Rs. 500 and Rs.1000 currency notes.
What to Do With Existing Notes?
You can deposit your old Rs. 500 & Rs.1000 currency notes in any bank or Post office.
If you don’t want to deposit money in your bank account then your old Rs.500 & Rs.1000 can also be exchanged with lower denomination currency notes at bank branches or RBI offices.
You need to carry identity proofs if you want to exchange your old Rs.500 & Rs.1000 to new ones. Here’s the identity proof’s you need to carry to bank branches/ Post offices
- Pan Card
- Aadhar Card
- Voter ID Card
You must keep in mind that the limit to exchange currency per day is Rs. 4000 till 24th November. That means you can only get up to Rs. 4000 per person in cash irrespective of the size of tender.
If you have no bank account?
You can use your friend/relative bank account with a permission in writing to exchange your notes. You just need to provide evidence of permission given by the account holder and your ID proof to exchange the notes.
Now ATM is not functional, once the ATMs are functional, you can withdraw up to Rs.2000/- per card, per day up to 18th November 2016. After 18th November you can withdraw Rs.4000/- per day.
Withdraw from Banks
The overall withdraw limit has been set to Rs 10,000 per day and Rs 20,000 a week. There is no restriction on internet banking, mobile wallets, IMPS, credit/debit cards etc.
You are not in India right now, what you should do?
If you hold an OHD banknotes in India, then you may authorise in writing enabling another person in India to deposit the Rs.500 and Rs.1000 notes in your bank account. The person had to come to the bank branch with OHD banknotes along with an authority letter given by you and valid ID proof.
What if you want Cash in emergency needs?
If you need emergency cash in hospitalisation. travel, life-saving drugs, then you can use the OHD notes for paying for your hospitalisation charges at government hospitals, purchase bus tickets at government bus stands, train tickets at railway stations and air tickets at airports, within 72 hours after the notification.
Where can you still use your old notes?
For 72 hours, you can use your old Rs.500 and Rs.1000 notes at Government hospitals, railway ticket booking counters, Government bus ticket counters, Airports.
Petrol, Diesel and Gas stations authorised by public sector oil companies will accept old Rs 500 & Rs 1000 notes
When will Govt issue new notes?
Proposal for new Rs.500 and Rs.2,000 rupee notes has been cleared by the RBI and will be issued from 10th November.
It’s indeed a bold step taken towards black money! PM Modi said the process of cash circulation is directly related to corruption in the country impacting the lower classes of society. So, now is the time to see the big change.