Blog - Rs 500, Rs 1,000 notes will not functional from November 9

  • Rs 500, Rs 1,000 notes will not functional from November 9 Rs 500, Rs 1,000 notes will not functional from November 9
    • Finance News / By Thariq Ahamad / 0 Comments / 860 Views

    Taking the nation by surprise, Our Prime Minister Narendra Modi announced yesterday that Rs 1000 and Rs 500 notes will no longer be valid from November 08 midnight onwards. This will not affect other currency notes and Rs 100, Rs 50, Rs 20 and Rs 10 – are still valid, as are all coins. However, all cashless transactions, such as cheques, cards and demand drafts, will continue as usual.

    People who posess currency notes of these denomination can exchange them in banks and head and sub post offices from November 10 to December 30, by providing a valid proof for identity such as Aadhar card, PAN card or voters ID card.

    Post December 30, these notes will be accepted only by the Reserve Bank of India after submitting a declaration.

    He also announced that new notes of Rs 2000 and Rs 500 are all set to introduce. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. All Banks will remain closed tomorrow and ATMs will also be closed tomorrow and day after tomorrow, RBI statement said.

    People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.

    For more reference please refer the following link :
    http://nowchennai.com/narendra-modi-said-rs-500-rs-1000-notes-will-not-legal-nov-9/

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