How To Exchange 500 and 1000 Rs Note from Banks
Indian Prime Minister Narendra Modi addressing the nation announced a very robust decision yesterday in a press conference. Honourable Prime Minister announced a complete Ban on 500 and 1000 Rupees Note. In a 40 minutes long speech PM Modi described several things related to the ban over the 500 and 1000 Rs Note.
Exchange 500 and 1000 Rs. Currency Note
After the announcement people are worried for the money they are having in the form of 500 and 1000 Rs Notes. People are searching on the internet on How to Exchange 500 and 1000 Rs Note from Banks. So here we are providing you all the information that you require for Exchanging 500 and 1000 Rs Note from Banks. You can have whole information of the Ban on 500 and 1000 Rs Note by clicking the link below.
One can change all the 500rs and 1000 rs note from 10th November 2016 to 30th December 2016. Any Bank or Post office will accept these notes and they will give you the fresh note of 100rs. Reserve Bank of India has announced the steps to be followed by the people to exchange their invalid notes. Here are some points you can keep in your mind if you want to Exchange 500 and 1000 Rs Note from Bank.
- Customer has to show his/her valid ID proof to change notes from the Bank
- A person can only exchange upto aggregate 4000 Rs of 500 and 1000 Rs Note Similar facilities will also be made available in Post Offices
- A person can only withdraw Rs 10000 from the bank in a day and Rs 20000 is the restriction limit for a week.
- The old currency notes of the Denomination of 500 and 1000 Rs will carry no value and will be a mere piece of paper.
- A person unable to exchange the old 500 and 1000 Rs Notes can deposit in the bank account before 30th December, 2016
- Customer can deposit any amount of money to their respective bank accounts in the form of Rs 500 and Rs 1000 notes
- There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms.
- Withdrawal from Automated Teller Machines (ATM) would be restricted to Rs 2000 a day per card till the date of November 18, 2016. The withdrawal limit will be raised to Rs 4000 per day per card from November 19, 2016 onwards.
- To avoid inconvenience the old currency notes of the denomination of 1000 and 500 Rs are valid on certain outlets described by PM Modi. They are – Government hospitals and in government dispensaries with doctor’s prescription, Buying Train and Airline tickets, Govt. Bus Stops, Petrol, Diesel and CNG Pumps, Milk Booths ans Cemeteries
For complete live coverage of the speech of our Honourable Prime Minister you can head on to the link below.
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