Indian Prime Minister, Narendra Modi in a momentous decision made a declaration against black money and corruption but assured the citizens that their money is safe.
In a recent tweet, RBI stated that the banks will be open to the public on Saturday and Sunday, the 12th and 13th November 2016.
Do you have 500 and 1000 rupee notes and don’t know what to do ? Don’t panic. Just follow these steps :
- Deposit the 500 and 1000 rupee notes at a bank or post office from November 10 to December 30.
- Exchange the notes at a bank or post office upto November 24. But the limit for exchange is only Rs.4,000/-as stated in news reports.
- You will need any one of your valid Identity Proofs like Aadhar card, PAN card, Driving license, Voter ID Card, Passport, NREGA Card, when you go to exchange the notes.
- Tourists can exchange their notes at airports.
Ever since Modi dropped the bomb on the country on ‘9/11’ everything was a mess. People misunderstood his concept and said so much about the new decision. The Prime Minister clearly has a vision for the country and many reasons too.
The notes will be accepted until November 11, 2016, at petrol pumps, government hospitals, government booking counters, railways & airlines.
Also at …
- Consumer co-operative stores run by the state or central government.
- Milk booths authorised by the state government.
- Crematoriums and burial grounds.
He said he initiated this move to protect our country people and to get rid of corruption and black money. His main motive – to keep the Indian citizens’ stress-free.
He announced a 50 day bracket from November 10 to December 30 for the people having those notes to deposit them in their bank and post offices accounts “without any limit.” He also said that Reserve Bank of India will issue the new notes of Rs. 2,000 and Rs.500 with a completely new design, on November 10. The notes are already dispatched to banks. These are prepared for circulation tomorrow.
Modi said, “Only the 500 rupee and 1000 rupee notes will be of no use after November 11 2016. However other notes and coins will be accepted.”
In the first few days, there will be a withdrawal limit of Rs.2,000 per day per ATM card. The limit will rise to Rs.4000 later. In the initial days, the limit of the supply of the new notes will be Rs.10,000 per day and Rs.20,000 per week. The limitation will increase eventually in the days to come.
You don’t have to throw away your 500 and 1000 notes, you can deposit or even exchange them for a lower denomination currency in banks and certain post offices till November 24 2016.
Those who cannot deposit their notes in the banks for some reason by December 30 2016 , they still have time to deposit the notes at specified offices of the RBI with a declaration form by March 2017.
Officials said there were 6.7 billion pieces of Rs.1000 notes in circulation and 16.5 billion pieces of Rs.500.
