Saturday, November 12, 2016

INR ₹500 & ₹1000 old notes have been banned

INR ₹500 & ₹1000 old notes have been banned from 08th November, 2016 midnight. You can deposit the same at any bank or post office from 11th November 2016 till 30th Dec 2016, at the most of Rs. 4000.

Either you can deposit in your account or you can exchange it with other valid notes. That's the mantra. This clause has been passed by prime minister of India to stop corruption and black money.

Banks and ATM will be remains closed  on 09th and 10th Nov 2016. Summary of the important announcement has given below:

1. Notes having denomination of Rs. 500 and Rs. 1000 are no longer valid from 08th Nov 2016 midnight. New notes will be available soon.

2. ATM's wouldn't work on 09th and 10th November. Rather the withdrawal limit is Rs. 2000 only.

3. All Residents have option till 30th Dec 2016 to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.

4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 rupees only.

5. Emergency periods like government hospitals and chemist, train ticket booking and airline ticket booking,  petrol pumps may accept the old notes to 11th November.

6. No changes in online,  card, cheque or any other plastic money transactions.

7. 9th November,  banks wouldn't be available for public banking services.

8. New notes of 500 rupees and 2000 rupees would bring in circulation.

9. Exchanging the 500 and 1000 is limited only upto 4000. However greater than 4000 can be remitted to account against PAN.