Here's what you should do with your Rs 500, Rs 1000 notes after government's ban order

Currency notes of Rs five hundred and Rs one thousand denominations won't be medium of exchange starting November nine. This was proclaimed by Prime Minister Narendra Modi in a very special address to the state on Tuesday evening. He said the move was aimed to curbe the negative impact of fake currency, black cash, corruption and act of terrorism on the nation's economy. New notes of Rs 500 and Rs 2,000 would be free and circulated shortly.




Here's what you need to do with your R
s.
 500 and R
s.
 1000 notes.



Deposit previous notes of Rs five hundred and a thousand in banks or post offices between November ten and December thirty, 2016.


Those who are unable to, can exchange notes until March thirty one, 2017 at specific rbi offices when furnishing proper declaration.

There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal Cash withdrawal. This limit is to be inflated shortly.

Exchange of old notes for money upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.

Rs 500, Rs 1000 notes will be accepted at hospitals, drug stores until Gregorian calendar month 12.

Arrangements have been created at airports so that travellers entering/leaving the country aren't inconvenienced.

ATMs will not operate on November 09 and at some places on November 10 yet.

No restriction on non-cash payments as well as transactions by cheques, demand drafts, electronic fund transfers, debit and credit cards.

There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal Cash withdrawal. This limit is to be inflated shortly.
Exchange of old notes for money upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.

The notes can even be used at designated fuelling stations until November 12.Petrol pumps and retail outlets will need to keep each single entry of cash dealings with Rs five hundred and a thousand notes until November 11.

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