If you don’t understand what should you have to do regarding old Rs 500 and Rs 1000 notes exchange then please follow two important tips that could help you to better understanding.
Who will accept old Rs 500 and Rs 1000 notes?
- Government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payments.
- Government busses, ticket booking counters of railway, airlines counters at airports will accept the old notes for purchase of tickets.
- Consumers cooperative stores authorized by central or state government, state government authorized milk booths will accept the old Rs 500 and Rs 1,000 notes.
- Diesel, petrol and gas stations authorized by public sector also accept old notes.
- Crematoria and burial grounds will also accept the old notes.
How to exchange old Rs 500 and Rs 1000 notes?
- Deposit the old notes of Rs 500 and Rs 1,000 in banks or post office accounts from 10th November, 2016 to till 30th December, 2016 without any limit.
- ATMs will not work on 9 -10 November.
- There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This withdrawal limit will be increased in future.
- There will be a limit of Rs 2,000 per day per card in the first few days. This withdrawal limit will be increased to Rs 4,000 later.
- There has no restriction of any kind of non-cash payments. Everyone can have made any transaction by cheque, demand draft, credit cards and electronic fund transfer.
- You can exchange old notes of Rs 500 and Rs 1,000 at any bank or head post office or sub-post office to Rs 4,000 while showing ID proof within 24th November, 2016.