Our honorable Prime Minister Narendra Modi has called an emergency address speech, where he revealed to the country that 500 and 1000 rupee notes are to be discontinued from midnight today i.e 9-Nov-2016. We all know how defective decision it is but it is true and will be staunch decision of striking off usage of 1000 and 500 Rupee notes currency in India. This decision has been made by the present government under the Our honorable PM who says, IMF and World Bank states India is an economic star now.
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| How to exchange 1000-rupees-500-rupee-notes |
Every citizen of India will be allowed to withdraw 10,000 Rupees from Bank or ATM per day and 30,000 per week which seems to be less but it is for period of time only. This ban on notes can be major stroke on Indian economy but we will, have to wait and watch how it turns out to be.Why India Banned 500 and 1000 Rupee Notes ??? Let's See ....
India Banned 500rs & 1000rs Notes from Today
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To avoid Black money India has made a strict decision of banning regular 500 and 1000 rupee notes from circulation which is a result of finding 1.25 lakh crore black money. Indian government believes that by taking this decision we can hit black markets down and you would be least circulation of black money and fraud would not take place.
Indian Announces 2000 Rupee Note Circulation
Instead of 500 and 1000 Rupee notes RBI will be issuing 2000 rupee notes which will be a regular currency circulation over India and New 500 rupees notes also.
All those people who are worrying what to do with the stacks of 500 and 1000 ruoees notes, need not to glaze or worry and run punching on the government. Because they have released a statement saying that all the remaining 500 and 1000 rupees notes are to be deposited at neat by Post Offices or Bank's you can deposit your money to your "Account".
Well Indian finance is sure going to face chaos by the demoing plans of our beloved Prime Minister Narendra Modi. So, most of you might be wondering what more topics have been discussed and stated during this speech. So I have posted all of them below Once see.
• Sab ka sarkaar, sab ka vikas – governance and progress for all is our motto. We are focused on empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers.
• Corruption and black money are diseases rooted in this country, they are obstacles to our success.
• We are among fastest-growing economies, but we also rank so high in global corruption rankings.
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
• When you elected this government in 2014, world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.
• Corruption and black money are diseases rooted in this country, they are obstacles to our success.
• We are among fastest-growing economies, but we also rank so high in global corruption rankings.
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
• When you elected this government in 2014, world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.
Why India banned Rs 500 and 1000 notes
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| How to exchange 1000-rupees-500-rupees-notes- |
This action has been taken to stop corruption !! Will Stop ?!!!, Black money and illegal transactions. Now, if you have any amount of money kept with you in the form of 500 and 1000 Rs note then you have to exchange the note with the bank to use that money as soon as possible last date for exchange your money 31st December 2016.
Limit/ Dates to Exchange Old Rs ₹500 and ₹1000 note [Complete Table]
| Process | With | Duration | Limit | Where | You Need |
| EXCHANGE | Old notes ..for New | 10 Nov – 24 Nov 25 Nov – 30 Dec | ₹4000 More than ₹4000 | Bank & Post-office | Aadhaar card, Voter ID, Ration card. Passport, PAN …. |
| DEPOSIT | Old notes | 10 Nov – 30 Dec | No Limit | Bank 8i Post-office | A valid Bank account or Post office Saving account |
| DEPOSIT | Old notes | 31 Dec-31 March | No limit | RBI Specified Office | ID proof, PAN 8, Deceleration Form |
| WITHDRAW | New notes | 10 Nov onwards | Max ₹10000/ day or Max ₹ 20000/week | Bank Counter Post-office | Withdrawal Slip or Cheque |
| WITHDRAW | New notes | 10 Nov -18 Nov 19 Nov – onwards | Max ₹ 2000/ day Max ₹ 4000/day | ATM | ATM Card |
| SHOPPING | Old notes | 8 Nov onwards | No value | No where | Only New Notes |
| SHOPPING | New notes | 10 Nov onwards | No limit | Any where | New Notes |
| PAYMENTS | Old notes | 8 Nov onwards | No value | No where | New Notes |
| PAYMENTS | New notes | 10 Nov onwards | No limit | Any where | New Notes |
| PAYMENTS | Credit/Debit card/ Cheque/DD/online/ E-banking | All days | No limit | Any where | Valid transacting Medium |
Those people who used to keep crores and crores of black money in home or in other location will not be able to use the money anymore this is very news for them RIP. If they try to exchange the notes, Bank will keep an eye on their accounts and soon Income tax will take them to Jail and take necessary action as per Government Norms.
Lets start our conversation in comment's box and Please give your opinion on this ban !!! and post do have any questions regarding old notes, How to exchange 500 and 1000 rupees notes, and limits everything feel free to comment !!
How to exchange old 500 and 1000 Rupees Notes
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| How to exchange 1000-rupee-500-rupee-notes-at-bank |
Keep calm, you have 50 days to exchange all your money through any Bank or Post office.
- Take your money which are in the form of Rs 500 and 1000 to any Bank from 10th November.
- Deposit all your money in your Bank account.
- Or make an exchange of the notes in any Bank or Post Office.
- Must take your ID card with you. eg. Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
- Your Notes will be exchanged with the new currency notes of 500 and 2000.
Where you can use your old notes (emergency)
- You can use your notes at Govt Hospital, Pharmacies with Doctor prescription.
- Notes will be accepted at Petrol pumps mostly!!, Milk booths and government co-operative stores.
- You can use it to book Train or Flight tickets at the counter.
- Other emergency measures has been taken care of.
Commoners over social media networks like Facebook and Twitter has started trolling the decision made by Indian government Prime Minister Narendra Modi. This issue might seem going easy but would turn into a chaos if government takes no necessary steps to circulate money correctly lets see what will happen.
Here's what you need to do with your 500 and 1000 rupee notes ...
Go to nearest Bank and Deposit them at the bank or post office from November 10th to December 30th.
- You can exchange 500 and 1000 rupees notes them from a bank or post office till 24 November. The limit for exchange per person is Rs 4000 Only.s.
- Please Cary with you required documents like Aadhaar card and PAN Card when you go to exchange 500 and 1000 rupees notes.
- After December 30th 2016, these can be deposited at the Reserve Bank with a declaration at specified Centers. The Centers Will be Announced very Soon ... If want update about it please Comment your mail Id in comment box.
- Note: Tourists can change the notes at airports Also ...
Your 500 and 1000 rupee notes be accepted till November 11 at:
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- Petrol Pumps and government hospitals
- Railway, airline, government bus ticket booking counters
- Consumer co-operative stores run by state or central government
- Milk booths authorized by state governments
- Crematoriums and burial grounds
FAQ:
Why is this scheme introduced by RBI?
The incidence of fake Indian currency notes of higher denomination has increased in India. For ordinary persons and middle class persons, the fake notes look similar to original notes, even though no security feature has been copied. The fake notes are used for anti-national and illegal activities also. High denomination notes have been misused by terrorists and for hoarding black money many times. India remains a cash-based economy hence the circulation of fake Indian currency notes continues to be a menace. In order to contain the rising incidence of fake notes and black money in India the PM announced, the scheme has been introduced.
How much value will I get or Any Exchange commision?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
Can I get all in cash at a time?
No. Because you will get up to Rs.4,000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account automatically.
A sum of Rs.4000 cash is insufficient for my needs!!!?.
You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS and credit/debit cards and paytm many more.
What if I have only Jan-Dhan account in bank?
A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accordance with norms and procedures for more details go for the nearest bank.
Where can I go to exchange the notes?
The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/Regional Rural Banks/ Urban Cooperative Banks (UCBs)/State Co-op banks or at any Head Post Office or Sub-Post Office, For more Information See: How to Exchange 500 and 1000 rupee notes
Need I go to my bank branch and not other bank's to Exchange 500 and 1000 rupee notes?
For exchange up to Rs.4,000 in cash you may go to any bank branch with identity proof.
For exchange of more than Rs.4,000, which will be credited to your bank account only, you may go any branch of a bank with which you have an account.
To use other banks’ branches, you will need identity proof and your bank account details required for electronic fund transfer to your account.
Can I go to any branch of my bank to Exchange 500 and 1000 rupee notes?
Yes you can go to any branch of your bank.
Can I go to any branch of any other bank to Exchange 500 and 1000 rupee notes?
Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds Rs.4,000.
I have no account but my relative / friend has an account, can I get my notes exchanged into that account to Exchange 500 and 1000 rupee notes?
Yes, you can do that if the account holder relative/friend etc. gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.
Should I go to bank personally or can I send the notes through my representative to Exchange 500 and 1000 rupee notes?
Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.
Can I withdraw money from my account with ATM?
It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs. 2,000 per card per day upto 18th November, 2016. The limit will be raised to Rs.4, 000 per day per card from November 19, 2016, onwards.
Can I withdraw cash against cheque?
Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs.10,000/- in a day within an overall limit of Rs.20,000/- in a week (including withdrawals from ATMs) up to November 24, 2016, after which these limits shall be reviewed.
Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine or cash Recycler?
Yes, specified bank notes can be deposited in cash deposits machines / cash recyclers.
Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?
You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.
How much time do I have to Exchange 500 and 1000 rupee notes?
The scheme closes on December 30, 2016. The specified bank notes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till December 30, 2016.
For those who are unable to exchange their specified bank notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.
I am right now not in India, what should I do to Exchange 500 and 1000 rupee notes?
If you have specified bank notes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the specified bank notes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
I am an NRI and hold Non Resident Ordinary Rupee (NRO) account, can the Exchange 500 and 1000 rupee notes value be deposited in my account?
Yes, you can deposit the specified bank notes to your NRO account.
I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to Rs.5,000 using these specified bank notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the specified bank notes.
I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?
You can use the specified bank notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.
What is proof of identity to Exchange 500 and 1000 rupee notes?
Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
If I have a problem, whom should I approach to Exchange 500 and 1000 rupee notes?
You may approach the control room of RBI by on Telephone Nos 022 22602201/022 22602944
What are the points I should bear in mind to Exchange 500 and 1000 rupee notes?
Since it is a massive exercise there is going to lot of confusion till the new currencies come into circulation totally and banks and ATMs are fully prepared for this. You need to cope with limited availability of notes and use the cash smartly. Also there is no clarity whether you can use multiple banks to exchange notes, since the limit is Rs.4,000 per person. Also IT Department would be keep a close watch on the deposits, so have clear proof of the source of money you are depositing.
For Your Kind information New Notes Images:
For Your Kind information New Notes Images:
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