Currency Ban: All you need to know regarding 500 and 1000 Rs note ban

Not so fun facts on note ban

The country is in turmoil these days. Not because of some natural disaster or elections or any other hideous incident but due to the note ban that was announced by Prime Minister, Narendra Modi on the usage of 500 and 1000 Rs notes, approximately a week ago.

That is right. It is almost a week since a common man is unable to sleep in the country.

One week since people are lined up in from of all the banks possible with the hope of getting at least some of their notes exchanged and meet their basic needs.

Forget about the luxury activities like watching movies or going to theme parks.

People are forced to move forward the dates for wedding of their children.

Even the arrival of winter season is not helping the case at all.

Many cases of people who were standing in queues outside the banks getting ill were observed throughout the nation.

Although, the situation which was once out of control when people had to stand in queue for long hours and that too without the certainty of getting their cash exchanged seems to be much under control now.

The queues are shorter and people are getting cash more easily.

But, let us make your life a little more easy and provide you the information you will need during the note ban:

1. 500 and 1000 Rs old notes will be accepted for payment in hospitals, petrol pumps, pharmacies, milk booths, railway, airline or bus ticket booking, grave yards, and co-operative stores till the 24th of November.

Currency Ban: All you need to know regarding 500 and 1000 Rs note ban
New 500 and 2000 Rs notes issued by RBI

2. Old notes could be deposited in your bank accounts till December 31st, 2016.

3. If you fail you deposit the 500 and 1000 Rs notes in your respective bank accounts till 31st December, there is no need to worry. The currency could be submitted in the head offices of RBI till March 31st of 2017.

4. You can exchange around 4,500 of old currency notes with the new or usable currency notes from any bank of your choice, using your identity card ( Aadhar Card, Pan Card, etc), even if you don’t have account in the particular bank.

5. There is no limit on the amount of money submitted in the bank account in old currency notes but remember, Income Tax department is watching.

6. One could withdraw the maximum amount Rs 24,000 from their bank account in a week.

These are few necessary facts that one must know before going for getting their old 500 and 1000 currency notes exchanged or submitted in the bank.

All the very best for your journey to bank and getting your notes exchanged.

7. Limit to withdraw the cash from ATM which was 2,000 Rs is exceeded to Rs 2,500 now as well.

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