- Rs 1000 and Rs 500 currency notes in circulation in the country will become illegal from midnight of November 8-9
- They will have no value from midnight
- Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 1 notes and all coins remain legal tender
- Old notes of Rs 1000 and Rs 500 can be deposited at all bank branches and all post offices across the from November 10 to December 30
- An ID proof like Aadhar Card, Passport, Bank Pass Book will have to be presented while depositing the notes
- The money thus deposited in an account will remain with the account holder
- ATM counters and bank branches will remain closed on November 9 (tomorrow) and in some places even on November 10
- New Rs 500 and Rs 2000 denomination notes will be available from November 11. No new Rs 1000 notes will be issued by the Reserve Bank of India.
- From November 11 there will be a maximum draw limit of Rs 2000 at ATMs, later it will be increased to Rs 4000
- From 72 hours from midnight of tonight i.e. till the midnight of
November 11, government hospitals, railway and government bus counters,
airline ticket counters, milk booths, petrol/diesel/CNG pumps, state
co-operatives, crematoria and burial grounds will continue to accept old
What You Can Do With Your Rs 500, Rs 1000 Notes :
Deposit old notes of Rs 500 and 1000 in banks or post offices between November 10 and December 30, 2016.2.
Those who are unable to, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration.3.
There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal of money. This limit is to be increased soon.4.
ATM withdrawal limit of Rs 2000 per day per card initially and this will be later raised to Rs 4000 per day5.
Exchange of old notes for cash upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.7.
Arrangements have been made at airports so that travellers entering/leaving the country are not inconvenienced.9.11.
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with Rs 500 and 1000 notes till November 11.
No restriction on non-cash payments including transactions by cheques, demand drafts, electronic fund transfers, debit and credit cards.
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