How to exchange old, banned Rs. 500 & 1000 notes at bank or post office (PO)

Do you know that old 500 and 1000 rupee notes will stand abolished from today midnight? New notes of Rs. 500 and 2000 will be issued! What to do with all such notes which you already have in your pocket? Take all important steps immediately as written here because discontinued notes will be withdrawn from midnight. Read this article to know all the points and procedures which all should do at the earliest.

Our Prime Minister, Mr. Narendra Modi announced today that all old notes of Rs. 500 and 1000 will be banned and it will be discontinued from today midnight i.e. from 00:00 hrs. New notes of Rs. 500 and 2000 will be circulated in market from day after tomorrow. But we need not to be worried too much with this new step taken by the Central Government as all old Rs. 500 & 1000 notes can be exchanged properly at bank or post office. Mr. Modi said that there will be a time period of 50 days to exchange all old notes at bank and post office only. This step has been taken to stop black money.

Revenue Secretary in Modi Government, Mr. Shaktikanta Das, informed that new notes of Rs. 500 and 2000 will be issued in market from day after tomorrow. This step will ensure the safety of our nation. However, the new note of Rs. 500 will have a photo of Red Fort and image of Search Results
Mars rover will be appeared on Rs. 2000 note.

Now, let's have a look at the below points which we, all, should not ignore. These are very important to exchange our money.

Important notes to exchange old Rs. 500 & 1000 notes

  • All old notes of Rs. 500 and Rs. 1000 will be withdrawn from today midnight.
  • Rs. 500 and Rs. 2000 notes will be circulated in market from day after tomorrow.
  • We will get 50 days time period to deposit all 500 and 1000 rupee notes which are already with us individually.
  • The notes can be exchanged or deposited at bank or post office only where we have our account.
  • We have to deposit all 500 and 1000 rupee notes which we have presently at bank or post office from 11th November 2016 and it can be deposited till 30th December 2016.
  • All banks and ATM will remain closed tomorrow.
  • ATM will also be closed on day after tomorrow in some places.
  • Depositors should bring identity proof i.e. Pan Card, Ration Card, Aadhar Card, Voter ID Card etc. to deposit old notes.
  • In case anybody is unable to deposit old notes to bank or post office within 30th December 2016, (s)he has to deposit the same to Reserve Bank of India (RBI) office till 31st March 2017.
  • Up to Rs. 4000 will be exchanged immediately till 24th November 2016. However, this limit will be increased from 25th November to 30th December 2016.
  • Old Rs. 500 and 1000 notes will remain acceptable at the field of government hospital, medical shop, train, bus, airlines and petrol pump till 11th November.
  • Maximum Rs. 2000 per day can be withdrawn from ATM.
  • Maximum Rs. 10000 per day can be withdrawn from bank which can be maximum Rs. 20000 per week.

But Modi's this decision has brought a lot of doubts among people. Various political parties have protested against it which includes even the opposition party, Indian National Congress. They think that it will jeopardize our everyday life. People will face lot of problems in case they need money suddenly and immediately. This problem will be created more in rural zones where there is no internet or television. None knows what will be when a poor man will go to market with a note of Rs. 500 in the morning and will know that it is already banned! Perhaps, (s)he will not have any further money because of poverty. Will they be able to buy their food? A big question is there!

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Author: K Mohan28 Nov 2016 Member Level: Platinum   Points : 3

After 24th of Nov 2016, the government totally stopped exchange of old currencies of 500 and 1000 rupee notes in the banks or post offices. However those who are still in possession of such notes in legal way are eligible to deposit the same in their accounts only. Even in that case those who have accounts sans Pan Card are allowed to deposit up to 49,000 only and those who have Pan card can deposit up to 2.5 lakh in their account. The petrol pumps are also advised to accept the old currencies of 500 till the 15th of Dec 2016 and therefore exchange of 1000 rupee notes are totally banned now in the market.

Author: Jitesh17 Feb 2017 Member Level: Gold   Points : 6

Demonetization has become one of the popular concern of the citizens of this country over the past few months. This new system promulgated by Prime Minister has affected the living of everyone throughout the nation. Definitely, any policy implemented was suppose to have both pros and cons. This new system of digitization has become a time saver for some, and headache for others. People had faced many problems at the initial days of implementation of this new policy. The main problem occurred when people wished to change the old currency with the new ones. Government had put in all its efforts to reduce the problems faced by the citizens. However, this ruckle outside the banks and ATMs have gradually decreased over the days. Also, people started perceiving the benefits of digitization and e-wallet. Moreover, many place had been raid by income tax department and black money in bulk was seized by them.

Entire nation was shocked to see the black money which was graved in different places. Government had also put bait to let the culprits to own up for the black money they had. Many had come forward with their money and some had been successful in making it white. Nevertheless, this ban of 500 and 1000 rupee notes was really effective and apparently our country is progressing thus.

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