Black money: In case of emergency, try this to exchange Rs 500, 1000 notes

New Delhi: Prime Minister Narendra Modi on Tuesday announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

According to an official statement by PM Modi, 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. 

Any other facility?

However, apart from depositing your notes in your bank account, another facility will also be there. Here are details:-

- For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes. 

- From 10th November till 24th November the limit for such exchange will be four thousand rupees. 

- From 25th November till 30th December, the limit will be increased. 

- There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016. 

- They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.