Rs 500 and Rs 1000 Notes to be invalid after 8 November 2016 Midnight - All Information

Last Updated: November 09, 2016 /
Leader Narendra Modi has called a crisis address discourse, where he uncovered to the nation that 500 and 1000 rupee notes are to be suspended from midnight today. I know how damaged choice it is yet it is valid and will be staunch choice of striking off utilization of 1000 and 500 Rupee notes coin in India. This choice has been made by the present government under the PM who says, IMF and World Bank states India is a monetary star now.

Each resident will be permitted to pull back 10,000 Rupees from Bank or ATM every day and 30,000 every week which is by all accounts less. This restriction on notes can be significant stroke on Indian economy however we will, need to hold up and observe how it ends up being.

India Banned 500rs & 1000rs Notes from 8 November 2016 Midnight

India has settled on a strict choice of banning customary 500 and 1000 rupee notes from course which is an aftereffect of discovering 1.25 lakh crore dark cash. Indian government trusts that by taking this choice we can hit underground markets down and you would be minimum course of dark cash and extortion would not occur.

Each one of those individuals who are stressing what to do with the heaps of 500 and 1000 notes, require not to coating and run punching on the legislature. Since they have discharged an announcement saying that all the staying 500 and 1000 rupees notes are to be saved at perfect by Post Offices.

Where can I exchange/ deposit my Rs 500 and Rs 1000 notes?

From November 10 till December 30 you can store the old notes at your closest bank or mail station accounts with no point of confinement. Be that as it may, withdrawals from banks are topped at Rs 10,000 every day and Rs 20,000 every week. This point of confinement will be expanded in the coming days. 

You can likewise trade Rs 500 and Rs 1000 notes for lower division at banks, head post workplaces and sub-post workplaces. Be that as it may, as far as possible has been topped at Rs 4,000, and you can trade till November 24. One must create a legitimate government personality cards like PAN, Aadhaar and Election Card. 

Banks will stay shut on November 9 permitting them an opportunity to adapt to the new mandate.

What are the restrictions on ATM withdrawals?

ATMs won't chip away at November 9 and in a few places on November 10. Be that as it may, from November 11, you can pull back cash and ATMs will quit apportioning the current Rs 500 and 1000 notes. For the initial few days, these withdrawals are being limited to Rs 2,000 for each card for every day, and will later be expanded to Rs 4,000 for each card for each day.

New 500 and 2000 Rupee Notes

Where can I still use my Rs 500, Rs 1000 notes?

* Hospitals 
Railway, airline, bus ticket booking counters

Petrol, diesel and gas stations authorised by public sector oil companies

Consumer co-operative stores

Milk booths

Crematoriums and burial grounds