FAQs and Highlights on 500, 1000 Rupees Denominations Banned in India


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FAQs and Highlights on 500, 1000 Rupees Denominations Banned in India:

new-500-rupees-note
new-2000-rupees-note

On 8th November 2016, Tuesday the Prime Minister of India Narendra Modi had announced that cancellation of the legal tender character of the High Denomination bank notes of Rs.500/- and Rs.1000 denominations issued by Reserved Bank of India RBI.

To sort out the Fake Indian Currency Notes(FICN) and Black Money the Government had taken steps and this will effect from 8th November 2016.

PM Narendra Modi had also informed that new series Bank notes of Rs.2000/- and Rs.500/- denominations will be introduced from 10th November 2016.

Highlights:

  • The old 500 and 1000 rupees notes can be deposited by the individuals into their personal Bank Accounts on or before 30th December 2016.
  • About Rs.2000/- only can be withdrawn from the ATMs per day by using the card till 18th November 2016 and might be raised to Rs.4000/- per day per card from 19th November 2016.
  • The candidates can withdraw about Rs 10,000 a day and Rs 20,000 a week from the Bank till 24th November 2016.
  • The candidates missed to exchange the Old 500 and 1000 rupees notes on or before 30th December 2016 can change the notes after producing the necessary documents specified by RBI.
  • ATMs will be remained closed on 9th and 10th November 2016 and Bank branches, Government Treasures will open from 10th November 2016.
  • Old notes will be accepted at Hospitals, Railway ticket counters, airline ticket counter, milk counters, crematoria/burial grounds, petrol/diesel/gas stations for the 1st 72 hours.

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



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