Banned Rs 500 and Rs 1000 Currency

rs 500 and rs 1000

Prime Minister Narendra Modi on Tuesday announced fierce measures to obstacle black money and also declaring Rs. 500 and Rs. 1,000 currency notes as illegal from midnight.

The government will issue new Rs. 500 and Rs. 2,000 soon. Banks were ordered closed Wednesday, 9 November.

That means:

  • You can deposit old Rs. 500 and Rs. 1000 notes by banks after November 10 to 30 December 2016, without any limit.
  • You can redeem Rs. 500 / Rs. 1000 notes in all banks, post office or at the post office in showing proof ID, until November 24, 2016. The deadline for this is Rs. 4,000.
  • There will be a limit on the withdrawal of banks and post offices to Rs. 10,000 per day and Rs. 20,000 per week. The limit will be raised in the coming days.
  • ATMs will not work on November 9 (Wednesday), and in some places 10 November.
  • Withdrawals from ATMS will be limited to Rs. 2,000 / day per card. This will be increased to Rs. 4,000 later

Following services are accept Rs. 500 / Rs. 1000 Notes for 72 hours:

  • Public hospitals, public buses, airport ticket counters and railway ticket booking counters.
  • petrol, diesel and gas oil companies authorized by the public sector.
  • Consumer cooperative stores licensed by the state or the central government, milk booths authorized by the government and state crematoriums and burial sites.

 

5 thoughts on “Banned Rs 500 and Rs 1000 Currency

  1. Rs500 and Rs1000 notes did not look so nice. So modi took good step to ban it and issuing nice attractive notes of Rs500 and Rs2000 in exchange. Good design of new notes, old ones needed to be replaced long ago.

  2. Gandhijee’s glasses are more visible in new notes. Fonts are more clear than old notes. Color combination is very nice. 9.75 out of 10 stars. I think these new notes will succeed in market. Now no more we have to say ‘ change of rupees one thousand please’. We can say proudly change of rupees two thousand please. biggest Indian currency note is doubled overnight from rs1000 to rs2000, this is not less than miracle. Amazing…

  3. For next few days or weeks people will cut their expenses, Savings will increase, Things will get bit cheaper, Petrol will be consumed less, so Indian rupee might recover a bit in forex. Online business, e-wallets, e-banking will get new users and will make good profit. It will give a good push to Indian online business, e-trades, e-wallets, e-banking and to digital India.

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  5. If your body does not tolerate the increased amount by allowing you to have loose stools, just stick to one ounce twice daily. It is a wonderful moisturizer which is often used in most of the people products and cosmetics. Cut a leaf over plant and peel away the outer skin.
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