All you need to know about void/ ban on existing Rs 500 and 1000 notes

How big is this inconvenience?

• 2300 crore notes of Rs 500 and Rs 1000 currently circulating so it’s going to be big pain

Why?

• Fake Currency funding Terror using these notes
• Black Money is hindering economic growth

Why this denomination?

• Fake Currency in these denomination notes is highest

From when this is effective?

• This will take effect from 8th Nov, 2016

Will new notes of these denomination will be issued?

• New Series bank notes of Rs.500 and Rs.2,000 denominations will be introduced for circulation from 10th Nov, 2016. Infusion of Rs.2,000 banknotes will be monitored and regulated by RBI.

How exchange these notes: 

• You can get old notes deposited in your or 3rd party bank account  till 30th Dec 2016 with proof of identity in bank branches
• You can old notes exchanged of aggregate value of Rs 4,000 or less at any bank branch with proof of identity
• The limit of Rs.4,000 for exchange will be reviewed after 15 days
• If you miss 30th Dec deadline RBI will give an opportunity to do so at specified offices of the RBI on later dates

How to get Rs 100 notes?

• Cash withdrawal at bank branch will be restricted to Rs 10,000 subject to an overall limit of Rs. 20,000/- in a week till Nov 24, 2016
• Withdrawal from ATMs would be restricted to Rs 2,000 per day per card till Nov 18th and Rs.4,000 per day per card from Nov 19th
• Also, tomorrow 9th Nov all bank will be closed and ATMs will be closed on both 9th and 10th Nov

Will old notes work anywhere now?

• For first 72 Hours, Old notes will be accepted at Government Hospitals/Railway ticketing counters/ticket counters of Government/PSU buses/ Air India ticketing counters at airports/co-operative societies milk booths/ crematoria/burial grounds, at petrol/diesel/gas stations of Indian Oil, HPCL, BPCL and at international airports

PM Narendra Modi has taken a very bold step to curb black money and fake notes. It will be inconvenient for next 2-3 months but in long run this will India become more and more stronger