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Rs 500 & Rs 1000 Notes are Banned: How to Exchange Old Notes

Finance History

Rs 500 and Rs 1000 Notes are Banned From 12AM 9th November 2016, How to Exchange Old 500 1000 Notes:

Indian PM Narendra Modi addressed the nation today an announced a huge decision against corruption and black money in India.

From 12AM November 9 Rs 500 and Rs 1000 Notes will be banned from India.

Everybody must return their Rs 500 & Rs 1000 notes to the banks within 30 December 2016. All banks and ATM will be closed tomorrow. Indian government done same in 1978 when it demonetised Rs 1000, 5000 and 10,000 notes.

Rs 500 and Rs 1000 Notes are Banned, Rupees 500 and Rupees 1000 Currency Notes will no longer be legal tender, India Gets New Rs 500, Rs 2,000 Notes:

500-2000

Except that Rs 500 and Rs 1000 notes, other notes such as Rs 10, Rs 100 will be valid.

You should submit your Rs 500 and Rs 1000 notes between November 10 to 30 December 2016 in post offices or in banks using a valid ID such as passport or PAN card.

If you are unable to exchanges your money within 30 December 2016 you will be allowed to declare them in RBI till 31st March 2017. Due to shortage of new notes, you can only exchange Rs.4000 per day.

Government Hospital, International Airport, Government Bus Stand, Railway ticket booking counter will still accept Rs 500 and Rs 1000 Notes till 11th November.

How to Exchange Your Notes: Guide Lines to Exchange OLD Rs.500/1000 Notes :

  1. Go to your nearest Bank or to your nearest post office from 10th November to 30th December
  2. Carry a valid ID proof with you, like your Aadhaar card or PAN card or Voter ID or Passport etc.
  3. Fill up your Old Notes Exchange Form
  4. Then submit your notes to bank authorities by showing your ID proof.

exchange-form-739x1024

Note:

  1. You can only Exchange Rs 4000 maximum in one day till 24th November.
  2. There is no restriction on internet banking, demand draft and Cheques
  3. ATMs will not function till 9th November and in places till 10th November
  4. From 11th November till 24 November 2016 ATMs withdrawal is limited to Rs 2000 only per day and from bank you can withdrawal Rs 10,000, Max 20,000 Rs per week.

If you don’t want to exchange your old notes then you can deposit your Rs 500 and Rs 1000 notes to your bank account. There will be no limit in depositing Rs 500 and Rs 1000 notes, you can deposit any amount you currently have in form of Rs 500 and Rs 1000 notes.

What is the maximum limit that we can deposit old notes into bank account ?

If compliance with KYC norms in your account is incomplete then you can deposit a maximum of Rs 50,000 into your bank account.

There is no limit in depositing old Rs.500 or 1000 notes if your KYC is complete.

Technology used in New Rs 2000 note to track the money, Rs 2000 Note Technology (Fake News)

  • New Rs 2000 notes uses Nano technology to prevent black money, all new Rs 2000 notes will be equipped NGC (Nano GPS chip).
  • This NGC technology will work without any power source and it will track the location of the notes.
  • This NGC technology in Rs 2000 notes will also able to track the serial number of the post and if anyone tries to damage the NGC of the note the note itself will become damaged.

So this NCG technology in new Rs 2000 note will help in detecting black money because the satellite will be able to track unusually high amount of note in one place and then proper authority will be able to action against such case.

Tags: Rs 500 notes band, Rs 1000 notes ban, Rs 1000 notes banned and Rupees 500 note banned

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