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Government scraps Rs 500 & Rs 1000 Notes
By: Tupaki Desk | 8 Nov 2016 3:42 PM GMT
Government of India decided to scrap Rs 500 and Rs 1,000 currency notes from midnight to tackle Black Money menace. Reserve Bank of India will issue new currency notes of Rs 500 and Rs 2,000 denomination. ATM withdrawals will be limited to Rs 2,000 per day till November 11th. Withdrawals from Bank Accounts will be restricted to Rs 10,000 per day for the first few days. This limit would be increased based on the demand and supply situation. Banks will remain shut on Wednesday. The old currency notes will be accepted in the cases of medical emergency. Petrol Pumps were allowed to accept currency notes till November 11th. From Nov 12th, They will have to maintain a register whenever they accept such notes. RBI to limit the currency notes with higher denomination. Prime Minister Narendra Modi confirmed the news during his address to the Nation Today.
What should be done with the currency notes that civilians have?
Rs 500 and Rs 1,000 Currency Notes could be changed either at the banks or post offices from November 10th to December 30th. Aadhaar Card and Pan Card should be needed for exchange of these notes.
Tourists visiting India can change the currency notes at the Airports.
After December 30th, Rs 500 and Rs 1,000 Currency Notes can be changed only at the Reserve Bank of India.
What should be done with the currency notes that civilians have?
Rs 500 and Rs 1,000 Currency Notes could be changed either at the banks or post offices from November 10th to December 30th. Aadhaar Card and Pan Card should be needed for exchange of these notes.
Tourists visiting India can change the currency notes at the Airports.
After December 30th, Rs 500 and Rs 1,000 Currency Notes can be changed only at the Reserve Bank of India.
