Wednesday, 9 November 2016

Indian Govt. Ban Rs 500 & Rs 1000 Notes, Don’t Panic Here is Full Guide

·        If you have old notes of Rs 500 and Rs 1000, you can deposit it on any Reserve Bank office (post office) and any respective bank branch without any limit, This facility is available from November 10 to December 30, 2016.

·      There is no restriction of non-cash method like, cheques, NEFT, RTGS, IMPS, mobile banking, internet banking etc. will not be effected.

·        Rs 4,000 per person can be exchanged for cash over the counter of any bank branch, head post office or sub post office, carry a valid proof of identity

You can use Rs 500 and Rs 1000 notes for next 72 hours in these premises

·        Government hospitals
·        Airline, Railway & Bus ticket booking counter
·        Petrol, diesel and gas stations
·        Consumer co-operative stores
·        Milk booths
·        Crematoria and burial grounds

When will be ATM functioning start again?

·    All ATMs and other cash machines will remain shut on November 9, 2016 to November 10 2016. From 11 November Rs 2000 per day per card withdrawal limit at ATMs for all customers, till November 18, 2016.

·      The limits shall be raised to Rs 4,000 per day per card from November 19, 2016.

·    Till the end of November 24, 2016, a limited amount of Rs 10,000 per day subject to an overall limit of Rs 20,000 a week. These limits will be reviewed after that.

What if you are unable to exchange your old notes by December 30, 2016?

·        If you are unable to exchange or deposit the specified banknotes in your bank accounts on or before December 30, 2016, you can deposit specified offices of the Reserve Bank till March 31, 2017 and will need you to submit a declaration form.

·       Arrangements will be made at international airports for arriving and departing passengers who have Rs 500 or Rs 1000 notes of not more than Rs 5,000.

·        RBI is all set to issue a new Rs 500 and Rs 2000 notes,

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