Rs 500 and Rs 1,000 notes banned: Dos and Dont's
High denomination notes of Rs 500 and Rs 1000 will no longer be legal tender, Prime Minister Narendra Modi announced as he declared a "decisive" war against black money.
New Delhi: With Rs 500 and Rs 1,000 currency notes banned from Tuesday midnight, here are slew of steps which need to be taken care of.
High denomination notes of Rs 500 and Rs 1000 will no longer be legal tender, Prime Minister Narendra Modi announced as he declared a "decisive" war against black money and corruption while disclosing a raft of steps to assure commoners that their money is safe.
There is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
Rs 500 and Rs 1,000 notes can be used for making payments in government hospitals, pharmacies in government hospitals, at railway ticketing counters, ticket counters of government or public sector undertakings buses and airline ticketing counters at airports for purchase of tickets.
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. After depositing your money in your account, you can draw it when you need it.
Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days.
There will be a limit on withdrawal from banks and post offices to Rs 10,000 a day, and Rs 20,000 a week. The limit will be raised in the coming days.
You can exchange Rs 500/Rs 1,000 notes at any bank, post office or sub post office, showing ID proof, till November 24, 2016. The limit for this is Rs 4,000.
ATMs will not work on November 9 (Wednesday), and in some places on November 10.
Withdrawals from ATMS will be limited to Rs 2,000/day per card. This will be raised to Rs 4,000 later
For 72 hours, till midnight on 11th November, Rs 500, Rs 1000 notes can be used for purchases at consumer cooperative stores operated under authorisation of central or state governments; for purchase at milk booths operating under authorisation of the central or state governments; for purchase of petrol, diesel and gas at the stations operating under the authorisation of public sector oil marketing companies; for payments at crematoria and burial grounds.