To combat corruption and curb the use of black money, our very own Prime Minister Narendra Modi has pulled out Rs. 500 and Rs. 1,000 notes from circulation. This move has gone into action on November 8, 2016, midnight.
Wondering what to do with the 500s and 1,000s you have? Well, here are a few things you can do to get rid of these notes, “legally”:
- Both drug stores and hospitals will accept Rs. 500 and Rs. 1,000 notes till November 12.
- Old notes of cash upto a limit of Rs. 4,000 can be exchanged at any post office or bank. Make sure you carry a valid ID proof– be it a Pan Card or an Aadhaar Card.
- Tourists/travellers can absolutely be at peace as arrangements have been made at airports so they don’t face any inconvenience in getting their notes changed.
- Between November 10 and December 30, 2016, everyone can deposit their old Rs. 500 and Rs. 1,000 notes in both banks and post offices.
- After furnishing proper declaration, those who haven’t been or aren’t able to exchanges notes can do so until March 31, 2017, at RBI offices (specified ones).
- Designated petrol pumps will allow you to use these notes until November 12.
- It’s important to note that ATMs and banks will not be operational on November 9 and at some places on November 10 as well.
- The initial withdrawal limit will be Rs. 10,000 per day, and Rs. 20,000 per week. However, the withdrawal limit will be increased soon.
- As per Finance Secretary Ashok Lavasa, starting November 11, the new, high-security Rs. 500 and Rs. 2,000 currency notes will be made available in ATMs.
- There won’t be any restriction on non-cash payments, which includes transactions made via demand drafts, debit and credit cards, cheques, and electronic fund transfers.
- All retail outlets and petrol pumps will have to keep a check of all cash transactions made with Rs. 500 and Rs. 1,000 until November 11.
PM Modi also said that all the notes under the lower denominations of Re. 1, Rs. 2, Rs. 5, Rs. 10, Rs. 20, Rs. 50, and Rs. 100 will continue to be valid. Same will be the case with all the coins.
Just a gentle reminder:
There all are where you will be able to use Rs. 500 and Rs. 100 notes until November 11:
- Milk booths
- Crematoriums and burial grounds
- Consumer co-operative stores
- Railways, airports, and bus ticket booking counters
- Petrol pumps authorised by public sector oil companies
Sigh! Well, relax and watch Modi succeed in the India’s biggest and shocking anti-corruption move.