India, Ahmedabad, Gujarat

What Modi govt needs you to do with your Rs 500, Rs 1000 notes – Explained in straightforward strides

By news
In Finance
November 9, 2016
1 Comment

New Delhi: With Prime Minister Narendra Modi declaring that Rs 500 and Rs 1000 will never again be lawful delicate from midnight Tuesday, that is eighth November 2016, crores of individuals are in a limbo in the matter of what to do with the high division cash notes in their ownership. 


– Persons holding old notes of five hundred or one thousand rupees can store these notes in their bank or mail station accounts from tenth November till close of keeping money hours on 30th December 2016 with no point of confinement. 

– Thus you will have 50 days to store your notes and there is no requirement for frenzy. 

– Your cash will remain yours. You require have no stress on this point. 

– These can likewise be traded crosswise over bank counters by demonstrating government provided ID evidence up to Rs 4,000. New Rs 500 and Rs 2,000 group notes would have their spot. 

– In the initial few days there would be a cutoff of 10,000 rupees for every day and 20,000 rupees for each week for withdrawal from banks. This breaking point would go up in the coming days. 


– From November 10 to 24, the breaking point for such trade would be Rs 4,000. The utmost will go up from November 25 till December 30. 


– For your prompt needs, you can go to any bank, head post office or sub post office, demonstrate your character evidence like Aadhaar card, voter card, apportion card, travel permit, PAN card or other endorsed confirmations, and trade your old five hundred or thousand rupee notes for new notes. 

– There might be some who, for reasons unknown, are not ready to store their old five hundred or thousand rupee notes by 30th December 2016. 

– They can go to determined workplaces of the Reserve Bank of India up to 31st March 2017 and store the notes in the wake of presenting a revelation shape. 

– There is no limitation of any sort on non-money installments by checks, request drafts, charge or Mastercards and electronic reserve exchange.


One Response to “What Modi govt needs you to do with your Rs 500, Rs 1000 notes – Explained in straightforward strides”

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