How to Exchange 500 1000 rupees notes ?
To every ones surprise , Indian Prime Minister Honourable Narendra Modi Ji announced that the country is doing away with Rs 500 and Rs 1000 rupees denominations. Yes , you read it right…How to Exchange 500 1000 rupees notes ?. This decision will come into effect from the midnight of November 8. Shri Modi ji announced this at a special address to the nation on Tuesday evening. This was aired on radio and TV.
In his address he declared that starting from the midnight of November 8, old notes of Rs 500 and Rs 1000 would no longer be legal tender. Which means that the current circulating notes of Rs 500 and Rs 1000 have been rendered worthless. But other currency notes that are Rs 10, Rs 20, Rs 50,Rs 100 and all coins will remain valid- How to Exchange 500 1000 rupees notes ? This according to him is to curb the black money menace. The decision is a masterstroke and would certainly help India in its race to become a global power. These currency notes would be replaced by new currency notes of Rs 500 and Rs 2000. These notes would come into effect from November 10
Now we know that many of you are having apprehensions about it. So we are here to answer those questions. How to Exchange 500 1000 rupees notes ? So let us cover do it.
How to Exchange 500 1000 rupees notes ?
Q) Which currency notes are now valid?
Ans) All Rs 100, Rs 50, Rs 20, Rs 10, Rs 5 currency notes and all coins of Rs 1, Rs 2, Rs 5 and Rs 10.
Q) What about the Rs 500 and Rs 1000 currency notes in my pocket?
Apparently it is now a piece of worthless paper. The current Rs 500 and Rs 1000 is no longer a legitimate tender ( or payment). But you can get them exchanged with the newer Rs 500 and Rs 2000 notes from you nearest bank.
Q) What about transactions through cheques and demand drafts and online transactions?
Ans) You can do any kind of payments through cheques, debit cards and demand drafts demand drafts. Also, the online bank transaction would be unaffected.
Also Read : Know about new Rs 500 and Rs 2000 currency notes
Q) Is it applicable for all?
No, Prime Minister Narendra Modi ji also said that there has been certain exceptions where the Rs 500 and Rs 1000 currency notes would be still valid. These places are government hotels, bus stands, railway ticket counters and airports. In these places these two currency notes would be made available for an additional 72 hours. Thus they will be allowed to accept this till midnight of November 11. Petrol bunks and retail outlets such as CROMA, could accept these currency notes provided they maintain a single entry for every such currencies- How to Exchange 500 1000 rupees notes ?. Also, Government run consumer cooperative stores, milk booths and crematoriums will be allowed to accept and transact 500 and 1000 notes till November 11.
Q) How to Exchange 500 1000 rupees notes ? or What should I do with my Rs 500 and Rs 1000 currency notes ?
Their are 2 ways to get rid of these old notes.
(a) Deposit – You can deposit these old Rs 500 and Rs 1000 notes at banks and post office between 10th November and 31st December. There is no limit in depositing these currencies.
(b) Exchange – Also you can get your Rs 500 and Rs 1000 currency notes exchanged at any bank and post office. You will get it exchanged with equivalent amount in the form of new Rs 500 and Rs 2000 currency notes Also you have to bring your ID proof such as Aadhaar Card, Pan Card, Voter ID or any other government recognised proof along with you. There would be a limit of upto Rs 4000 for such exchange til November 24. After November 24 this cap would be lifted.
Q) When can I withdraw money from my account or through debit card and How much ?
Banks and ATMs would be closed for November 9 and some on November 10. This is done so that these ATMs are filled with new currency notes. So, you can withdraw money from your bank from November 9 onward. But, there has been a cap set on the amount of money you can withdraw
There would be a limit of withdrawal of Rs 10000 a day and Rs 20000 per week. But,this limit would be increased in the coming days.
Also, there would be a limit of Rs 2000 per day per debit card. This will be raised to Rs 4000 later.
So I hope we have cleared all you apprehensions – How to Exchange 500 1000 rupees notes ? Also, Please don’t forget to video of Mr Narendra Modi addressing the nation provided below.