On November 8th 2016 Prime Minister of India Shri Narendra Modi announced that the denominations of 500 and 1000 Rupees note of Indian Currency are banned.This anouncement was made at around 8 O’Clock in the evening.The announcement was made late so people who were left with unaccounted money got very less time to spend.Many managed to turn their unaccounted money against Gold and Electronics items.The Reserve bank of India launched the new currency of 500 and 1000.The new currency is now available in Banks and post offices.People need not worry as a window of 50 days has been provided to Exchange 500 and 1000 Rupees Notes at their nearest Bank or Post Offices.
Where to Exchange 500 and 1000 Rupees Notes?
All the citizens who are having 500 or 1000 rupees note need not worry.The notes can be excahnged in the Bank and Post Offices till 31st December 2016.There are particularly two ways to Exchange 500 and 1000 Rupees Notes.First is by Exchanging,in this you need to visit a bank along with a valid ID proof like PAN Card, Aadhar Card .Fill up the exchange aplication to Exchange 500 and 1000 Rupees Notes.Secondly if you have a bank account in any bank .Go to that bank and deposit the 500 and 1000 rupees notes.You will have to withdraw the amount by ATM or Cheque.
When You Should Exchange 500 and 1000 Rupees Notes?
Money exchange scheme is open till 31st December 2016.All banks will remain open on Sunday as well for increase in efficieny of work.This move has been taken to eradicate Black Money & Fake Currency from India.If you have 500 and 1000 Notes then Exchange them or deposit your money into your account. A person can change notes upto limit of 4500.Cash withdrawl from ATM is capped at 2500 per day.If you wish to withdraw more use self payee cheque and you can withdraw upto maximum limit of 10,000.
Which Documents Required to Exchange 500 and 1000 Rupees Notes?
The list of given ID proof will be accepted to Exchange 500 and 1000 Rupees Notes.The exchange form is given below.If you wish you can get it printed and it can be submitted in bank.
List of valid ID proofs:
- Adhaar Card
- PAN Card
- Driving License
- Voter ID Card
- NREGA Card
New 500 and 2000 Rupee Notes:
Hope this peice of information might help a huge amount of people.