Exchange Banned Rs. 500 & Rs. 1000 Currency: Indian Government takes crucial decision today. Government banned Rupees 500 and 1000 currency notes and in place of those notes, government introduced new Rs. 500 and Rs. 2000 notes. So, How you can exchange the banned Rupees 500 and 1000 currency in India by visiting the nearest bank or Post office. Let’s find out.
Government of India and RBI took a new decision to ban rupees 500 and 1000 notes today. It makes and changes the phase of India in future days. Today onwards, government banned old 500 and 1000 currency notes. So, every one who is having the 500 and 1000 notes can renew them by visiting the nearest Banks and Post offices.
Exchange Banned 500 & 1000 Rupees
Here is given how to exchange banned 500 and 1000 currency notes in India from nearest banks. People who having the 500 and 1000 currency notes can change at your nearest bank with Government ID proof. So, every one can exchange the old currency notes in Post Offices and Banks on or before 31st December 2016. Because of this decision persons who is having black money will lose entirely. After December 31, 2016, existing 500 and 1000 currency notes will not work. After December until March 31, by submitting the declaration form, people are allowed to exchange banned 500 and 1000 rupees in India without any issue.
Government next introducing new 500 and 2000 currency notes. These new notes will come into existence on 11th November 2016. People can exchange old 500 and 1000 currency notes in nearest banks and post offices and get new currency notes for daily use.
Few key points from Modi’s Currency Ban Announcement
- Today onwards 500 & 1000 notes are not valid and till 31st December 2016 anyone can exchange those currency notes in banks and Post Offices without submitting any declaration.
- People can’t access ATM’s for next two days that is 9th and 10th of November.
- People can’t withdraw more than 10,000/- per day & 20,000/- per week via Cheque.
- Every one needs ID Card to deposit cash to exchange 500 and 1000 currency notes in Bank or Post Office.
- Rs 1000 and Rs 500 notes could be used at Railway stations, petrol stations, hospitals until November 11
Do you support this decision of banning Rs. 500 and Rs 1000 in India with immediate affect? Leave your input below.