Highlights on Banning Rs.500 and 1000 notes – DO’s & Don’ts

cwwyvzpuaaawfoqSince #Modi government curbs the black money and promotes #IndiaFightsCorruption by banning Rs.500 and Rs.1000 notes, entire India is in confusion on correct Do’s and Don’ts. Here we have tried to sum all of these up in simplest way so that it becomes easy to understand for everyone. Read through…

Do’s

  • Deposit Old Rs.500 and 1000 Bank Notes to your bank accounts and/or exchanged in bank branches or Issue Offices of RBI till 30th December, 2016 during business hours.
  • You may exchange Rs.500 or 1000 Bank Notes of aggregate value of Rs.4,000/- at any bank branch or issue office of Reserve Bank of India, provided you fill a requisition slip as per format to be specified by RBI along with proof of identity. Similar facilities will also be made available in Post Offices.
  • There is a limit of Rs.4000 on exchanging old currency notes with new ones upto 24th Nov. This limit will be reviewed and reconsidered in 15 days.
  • There is no limit on depositing the old notes to your bank accounts, however in case your KYC (Know your customer) is incomplete than the limit is set to Rs.50,000
  • There is no restriction on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers
  • on 9th and 10th Nov, ATMs will not work. And after that for first few days there will be a limit of Rs.2000 per day per card. This will be raised to 4000 from November 19, 2016 onwards.
  • In case you could not exchange or deposit your old notes till 30th December then you can still do so till 31st March to any RBI branch by submitting required documentation to be issued by RBI.
  • There is a limit of Rs.10,000 a day and an overall limit of Rs. 20,000 a week on cash withdrawal from bank branch for the first fortnight i.e. till 24th Nov.
  • For first 72 hours (9th, 10th and 11th November) you may use old currency notes of Rs.500 and 1000 to government hospitals, railway ticketing counters, government ticket counters, PSU buses, airline ticketing counters at the airports, for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of Public Sector Oil Marketing Companies and is also applicable for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount.
  • Don’t forget you still have 2 days to spend money on filling petrol/diesel to your vehicles, toll plazas, medical shops, buses, trains tickets, milk booths using old notes. So if people say that all these places will be too crowded then don’t trust them and go ahead. You will be surprised to see that there is no crowd over there.

Don’ts

  • Avoid using ATMs for first 2 (9th and 10th Nov) days as the ATM machine may release old currency notes only.
  • Don’t go to money changers for exchanging old notes to new or smaller denominations. They may thug you at this time. Wise thing would be to wait for the banks to open and exchange it there.
  • Don’t pay the old 500 or 1000 rupee note to small shopkeepers, tuckshops and sabjiwalas as they may not be aware on correct do’s and don’ts. Also they are not literate enough to read/understand the things and take appropriate actions.
  • Educate poor people around you about this so they don’t fall under any trap.
  • Don’t criticize government’s decision as this is a wise step taken for our own good future and generations.

With this move we feel proud of being Indian and selecting @NarendraModi as our PM.

More details available at:

http://www.finmin.nic.in/press_room/2016/press_cancellation_high_denomination_notes.pdf

https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119

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