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INR 500 and INR 1000 Notes Stopped From 8th November 2016 Midnight. What to do next?

Indian Mirchi

On 8th November 2016, at 8 PM, Prime Minister Narendra Modi announced that from midnight of 8th November 2016 500 and 1000 Rupee Notes will be stopped in doing  any legal tendering.

Means, by midnight  you will not able to do any transaction in 500 and 1000 Rupee note.

From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.

In his first televised address to the nation, Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

It is the bold decision that any PM has been taken against corruption, anti-national activity like hard cash used in buying weapons , black money stored by the people who affect the economy.

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But what we have to do.

For the next two days which is 9th and 10th of November 2016, all ATM will be closed to work on these changes, whereas , Bank will be closed on 9th November 2016.

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Middle class people who are having cash in 500 and 1000 Rupee Notes the can do and what to remember;

  1. Deposit the notes in bank account.
  2. One can also exchange them from designated banks and post office after 11th November to get the lower denomination notes i.e. 50 and 100 rupee notes. In this you must cary your identity card like PAN, Aadhaar Card and Election Card.
  3. From November 10 to November 24th , you can only exchange INR 4000 of total of 500 and 1000 Rupee note. I.e. you cannot exchange more than INR 4000 in this time.
  4. 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.
  5. Those unable to deposit Rs 1000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till March 31 next year after filling a declaration form along with proof and reasons, the Prime Minister said.

Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12.

“Banks will be closed tomorrow. It will cause some hardship to you….Let us ignore these hardships… In country’s history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life,” Modi said.

What to do with 500 Rupee and 1000 Rupee Note? How to transact in emergency on 9th and 10th November?

1. Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 9


2. New notes of Rs 500 and Rs 2,000 would be released and circulated soon

3. ATMs will not work on November 9, and at some places on November 10 as well


4. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof

5. People can deposit notes of Rs 1000 and Rs 500 in their banksfrom November 10 till December 30, 2016

6. Currency notes of Rs 1000 and Rs 500 will be just paper with no value

7. Banks will remain closed on 9th November

8. All banks and post offices will remain shut tomorrow

9. Cashless fund transfer won’t be affected by this

10. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight

11. Some medical facilities will be exempted from this for the time being

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12. Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes

RBI also introduced the speciman of the new 500 and 2000 rupee note.

 

A look at the new Rs. 500, Rs. 2000 notes specimen. Photo: www.rbi.org

This move also push us to go to use the online or cashless transactions. New India with digitalization and make people to have an account in bank to have to make sure their money is safe.

There will be big affect in the people who live in scheduled area or village where people usually dependent on cash. How much India is ready for this change that will be come out in next couple of weeks? But every Indian welcome this step as it instantly affect many people who were using India money for wrong work or use our  hard earned money in making India.

Hope soon we will found our money will be as equal as other developed country currency and we will make our country proud and live in corruption free society.

Read More: New 500 and 2000 Rupee Note Will Be Released Soon! Why and What Change In New Currency Note?
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