500 and 1000 Rs Notes Banned: Here is what you can do




In a move that has rattled the nation, Prime Minister Narendra Modi on Tuesday abolished Rs 500 and Rs 1,000 notes effective midnight. The move, aimed at tackling fake notes and the black money economy, is expected to have a huge impact on the economy, equivalent to a substantial withdrawal of money or a significant hike in the interest rates. He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time. The Indian government had done something similar in 1978 when it demonetised Rs 1,000, Rs 5,000 and Rs 10,000 notes.

Here’s what you need to know and do in the next few days: 

  All banks will remain closed for public work on November 9.
  1.  Deposit currently used notes of Rs 500 and Rs 1000 in post office accounts or banks by December 30, 2016. There will be no limit on the deposit amounts.
  2. Exchange old notes of Rs 500 and Rs 1000 at any bank, head post office or sub post office by showing ID proof. The limit for this is Rs 4000 upto Nov 24.
  3.  There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
  4.  No restrictions of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers.
  5.   Rs 500 and Rs 1000 will cease to be legal tender from the midnight of November 8, 2016.
  6.   On Nov 9 and in some places on Nov 10, 2016, ATMs will not work.
  7.   For 72 hours, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment: 
  8.  Cheque out RBI notifications for more details.   https://www.rbi.org.in/
Where 500 Rs and 1000 Rs notes will be accepted till November 11:

  1. Government hospitals will continue to accept old Rs 500, Rs 1000 notes for payment.
  2. Railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets.
  3. Petrol, diesel and gas stations authorised by public sector oil companies
  4. Consumer co-operative stores authorised by state or central government.
  5. Milk booths authorised by state governments
  6. Crematoria and burial grounds
 
Removal of higher currency denominations will immediately stop a lot of national problems which include :
1 Black Money
2 Corruption
3 Fake currency
4 Terrorism

Currently how the total Indian currency is divided?
1. Rs.100 Notes = 23%
2. Rs.500 notes = 44%
3. Rs.1000 notes = 24%

Notes of 100,500 and 1000 Rs. account for 93% of the Total Currency Money.
Fake currency notes are also found only in the currency notes of Rs.500 and Rs. 1000.
As per media reports currently fake currency in circulation in India is more than Rs 1,69,000 to 200,000 Crore




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