Rs 500 and Rs 1000 Currency notes are invalid from Yesterday mid night. A daring step against black money and terrorism, Indian prime minister Narendra Modi yesterday declared that both rupees five hundred and rupees thousand currency notes are legally invalid in India.
Here is the most important factors that everyone should know about this big currency change
We know that this surprise move surely creates some panic situation but as a citizen we have to understand the situation and it’s a must to stand with the country.There is no reason for became panic,understand the situation and solution it’s just a matter of time everything will as normal very soon.Here is it .
- Tuesday midnight on wards Rs 500 and 1000 currecy notes are invalid ,but still you can use it in Hospital ,petrol pump,railway stations until 11nth after that you have to replace it with new 500 and 2000 currency notes,This facility is available in Banks and Post office.
- All banks and ATM counters are closed for two days (9,10)after that you will get new notes from the ATM but there is a withdrawal limit of rupees 2000 per day per card till November 18,after that the limit will raise to Rupees 4000
- From 11th on wards you can go to your bank for exchanging your old 500 1000 currency notes with the new one,but the direct cash availability is limited to Rs 4000,if you need more than 4000 you have to carry valid identity proof and the money will credit to your account.
- If you don’t have a Bank account,It is best to open a bank account otherwise you will only get rupees 4000 and also you need to carry your identity proof.
- You can also go for other bank in which you don’t have an account.For this you have to carry identity proofs for getting the direct cash. For exchanging over 4,000, you have to carry essential details of your existing bank account for transferring money electronically to your bank account.(Account number,Bank Name, Branch,IFSC )better carry your bank pass book or collect these data accurately.
- you can Also withdraw cash against withdrawal slip or cheque subject to ceiling of Rs 10,000 in a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first fortnight, that is up to November 24, 2016.
- You can use electronic fund transfers seamlessly like NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic, non-cash mode of payment.
- One thing is very important that if you fail to exchange your old 500 and 1000 notes from banks before 30 the December there will have a last chance ,you can exchange your cash in specified RBI offices in the country,but for this you have to provide essential documents,if it is big amount you have to provide more satisfactory evidence so try to complete the exchange process before the time limit .
- Use CDM(Cash deposit machines) or cash recyclers for depositing your old notes.
- These are the Valid Identity proof is any of the following: Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, identity card issued by the government, public sector unit to its staff.