While the entire nation had eyes set on US Elections 2016, PM Narendra Modi made an announcement that came as a surprise to many and shock to others. He said that Rs 500 and Rs 1000 notes will be banned from the early hours of 9th November 2016.
The move, PM Modi said, is meant to curb the negative effects of corruption, black money, fake currency and terrorism on the country’s economy. This news is doing the rounds since last night and a lot of people are still unsure about the government’s decision regarding the currency ban.
To help people with their queries we have come up with short Q and A. Here we go!
In order to control the rising incidence of fake currency notes (mostly used in terrorism and black money).
The existing Rs 500 and Rs 1000 notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.
In case of emergency?
– ATMs will not function on November 09 and at some places on November 10 as well.
– Rs 500, Rs 1000 notes will be accepted at hospitals, drug stores till November 12.
– Arrangements have been made at airports so that travelers entering/leaving the country are not inconvenienced.
– Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings and government bus ticket counters till the midnight of November 11 and 12.
– The notes can also be used at designated fuelling stations till November 12.
How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
Can I get all in cash?
No. You will get up to Rs 4,000, per person, in cash and if you need more, you can get it credited to your bank account.
What if Rs 4000 cash is insufficient for my need?
You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.
Need I go to my bank branch only?
For exchange up-to Rs 4,000 in cash you may go to any bank branch with valid identity proof.
For exchange over Rs 4,000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.
Can I withdraw from ATM?
It may take a while for the banks to re-calibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs 2,000 per card per day up-to 18 November, 2016. The limit will be raised to Rs 4,000 per day per card from 19 November, 2016 on wards.
Deadline to exchange notes?
30 December, 2016.
If I cannot deposit before the deadline?
Those who are unable to, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration.
More information on this scheme?
Further information is available on www.rbi.org.in.
If I have a problem, whom should I approach?
You may approach the control room of RBI by email. You can mail to firstname.lastname@example.org or call 022 22602201 / 022 22602944.
He also announced that the Reserve Bank of India would soon release and circulate new notes of Rs 500 and Rs 2,000. Click here to watch the video!
Take a look at the new Rs 500 note:
Take a look at the new Rs 2000 note:
If you have more questions, please shoot us a comment below.