Getting the Rs.500 and Rs.1000 Notes Exchanged
The Indian Government has taken several moves to eradicate the problem of Black Money. One such move was taken when the Prime Minister Mr. Narendra Modi made an announcement on Tuesday evening that Rs. 500 and Rs. 1,000 will be made illegal. The shock of Rs.500 and Rs. 1,000 notes being scrapped from the economy has taken everyone by surprise.
If you still have a few notes left with you, and are wondering how to exchange them, then here is the detailed guide on how to go about it:
Where to Exchange Rs.500 and Rs.1000 Notes
Beginning from November 10, 2016, you can deposit the old notes at any of the nearest YES BANK branch office or post office accounts. There is no limit set on the transaction, however, the withdrawal is capped at Rs.10,000 a day, and Rs.20,000 per week. The cap is expected to be removed in the coming weeks.
Exchange of Rs.500 and Rs.1,000 notes for lower denomination notes is available at banks, head post offices, and sub-post offices. This exchange has been capped to Rs.4,000 and is possible only till November 24, 2016.
Notes can be exchanged only after producing a valid identity card issued by the Government of India, namely –
- Pan Card
- Aadhar Card
- Election Card
Effect of this move on the banks
In order to bring the new directive into effect, banks will remain close on November 09, 2016. ATM machines will not be functional on November 09, 2016 and November 10, 2016 at some places.
From November 11, 2016, money can be withdrawn from any of the ATMs. However, a cap of Rs.2, 000 per card for withdrawal will be put for a few days. This is expected to be increased to Rs.4,000 per card later.
Will you be able to use Rs.500 and Rs.1000 notes?
The old notes are available to use till November 11, 2016 at the following government-authorised places and institutions.
- Railway, Airline, and Bus-booking counters
- Petrol Pumps and Gas stations authorised by Public Sector Oil Companies
- Consumer co-operative stores
- Government authorised Milk booths
- Crematoriums and burial grounds