9. November 2016 15:21
India devalues Rs 500 and Rs 1000 currency notes. Well a great move by the Prime Minister of India in every sense. It is the boldest decision taken by a leader that has taken everyone by surprise. Clearly this will have a major impact on black money holders who have stashed huge cash as this will now have a big zero value. Also this will help in curtailing the funding for terrorism and also nullify any counterfeit currency. We as common people should support this decision with heart and soul and let us not panic. Money in the hands of common man is completely secure and it is just a matter of couple of days when things start to fall in place.
Here is list of what to do and the process involved for existing Rs 500 and Rs 1000 currency notes.
First thing first - DO NOT PANIC
Banks will remain closed for public dealing on 9th November but trust them, they are working in the background to enable the exchange process seamless.
Banks will stay open on weekends and for extended hours just to handle the rush of people and to avoid the inconvenience to general public.
You cannot use the old Rs 500 and Rs 1000 notes anywhere now except railway stations, airports, hospitals, medical stores and other central and state government booths or departments.
- Starting 10th November To 24th November - take your old currency notes to any bank branch or post office and get them exchanged for new ones. Just don't forget to carry any government ID proof. The daily limit is Rs. 4000 just to ensure everyone gets a chance to get their old notes exchanged.
- From 24th November To 30th December - the exchange limit increases from 4000, so any amount can be exchanged. But this doesn't mean you can exchange lakhs of rupees, you will have to explain if such big amount is required to be exchanged.
Cash Deposit in your bank account or post office account
- There is no limit and existing rules apply. You can deposit any amount of old currency cash into your bank account till 30th December and till 31st March you can deposit in any RBI authorized office.
- Starting 10th November you can withdraw upto Rs 10000 per day from your bank account or post office account using withdrawal slips or cheques. But ATM withdrawals have a limit.
- From 10th November To 18th November - upto Rs. 2000 per day From 19th November onwards upto Rs. 4000 per day. This limit will gradually increase to current limits in about next 1 month.
Digital payments or transactions
- Any payments using credit/debit cards, wallets, cheques, online transfers, net banking, etc. have no impact. They shall work as is.
Let's all help and create a great India and abolish black money. Our participation will certainly help and lets educate people who are in panic like vegetable vendors, house maids, etc.