With Prime Minister Narendra Modi announcing that Rs 500 and Rs 1000 will no longer be legal tender from midnight Tuesday, that is 8th November 2016, crores of people are in a limbo as to what to do with the high denomination currency notes in their possession.
– Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit.
– Thus you will have 50 days to deposit your notes and there is no need for panic.
– Your money will remain yours. You need have no worry on this point.
– These can also be exchanged across bank counters by showing government-issued ID proof up to Rs 4,000. New Rs 500 and Rs 2,000 denomination notes would take their place.
– In the first few days there would be a limit of 10,000 rupees per day and 20,000 rupees per week for withdrawal from banks. This limit would go up in the coming days.
– From November 10 to 24, the limit for such exchange would be Rs 4,000. The limit will go up from November 25 till December 30.
– For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes.
– There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016.
– They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
– There is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.