Yesterday, Prime Minister Narendra Modi in a special address to the nation announced that from the midnight, 500 and 1000 Rs would be completely banned. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation’s economy. But for the entire Country, it came as a surprise move by PM Modi. And Since the announcement has been made, everyone is in chaos what to do with their old 500 and 1000 Rs notes.
But PM Modi in his speech has assured us that “Your Money will remain yours”.
Before knowing what can you do with your old notes of Rs 500 and 1000, first see what were the key points of PM Modi’s yesterday speech:
- Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 9.
- New notes of Rs 500 and Rs 2,000 would be released and circulated from November 10 .
- ATMs will not work on November 9, and at some places on November 10 as well.
- Banks will remain closed on 9th November.
- Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
Now know what to do with your old notes of Rs 500 and 1000:
- 1.Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
- 2. For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes.
- 3. Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof. The limit for this is Rs 4000 upto 24th November.