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India Banned Rs 500 & 1000 Notes – How to change the notes before 30th Dec 2016?

Mr. Narendra Modi – the prime minister of India has created the history again with the decision of scrapping the notes of Rs. 500 and Rs. 1000. This sudden decision has made by the PM on Tuesday night. He announced that this step was taken in order to stop the spread of counterfeit notes as well as root out the threat of black money. The Reserve Bank of India has also cleared the proposal of new 500 and 2,000 rupee notes that will be released soon.

Indian Government has taken a strict decision of scrapping regular 500 and 1000 rupee notes. And, you might be wondering that what to do with these regular notes you might have in your pocket or locker. The blog uncovers everything you need to know about this decision, so let’s have a look:

What to do with 500 And 1,000 Rupee Notes:

  • You can deposit your 500 & 2,000 rupee notes at the bank or post office accounts from 10th Nov 2016 to 30th December 2016.
  • You can even exchange them from a bank or post office till 24th Nov 2016. (The limit is just Rs. 4000).
  • Don’t forget to take your PAN Card and Aadhaar card while going to exchange the notes.
  • All the withdrawals from banks are limited at Rs 10,000 per day and Rs 20,000 per week. This limit might be increased in the upcoming days.
  • After 30th December 2016, you can deposit the notes at the Reserve Bank with a declaration.
  • The tourists can be exchanged the notes at airports.

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The 500 and 1000 rupee notes can be accepted in the following areas (till 11th November only):

  • Petrol pumps
  • Government hospitals.
  • Milk booths authorized by state governments.
  • All the crematoriums and burial grounds.
  • Ticket booking counters of railway, airline, & government bus.
  • Consumer co-operative stores run by the state or central government.

What are the restrictions on ATM withdrawals?

  • ATMs will not be working on 9th Nov and in some areas on 10th Nov too.
  • You can withdraw money from 11th Nov and ATMs will not dispense the Rs 500 and 1000 notes.
  • These withdrawals are being restricted to Rs 2,000 per card per day for the few days. Later, the amount will be increased to Rs 4,000 per card per day.

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The motive of Mr. Modi’s decision is to find the 1.25 lakh crore black money and root out the menace of corruption. We salute this initiative taken by the prime minister of India.

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