Rs 500 and Rs 1000 notes demonetised: Here’s what to do with old notes

Modi said that starting tonight the Rs 500 and Rs 1000 notes will only be worth the paper they are printed on.

By: Express Web Desk | Updated: November 9, 2016 9:00 am
Rs 500, Rs 1000. 500 notes, 1000 notes, narendra modi, 500 old notes, 1000 old notes, 500 currency notes, 1000 currency notes, india news (Representational Image)

Prime Minister Narendra Modi made a key announcement in his fight against black money. Addressing the nation on Tuesday evening, PM Modi abolished the currency notes of Rs 500 and Rs 1000 denominations. However, there will not be any change for other notes.

Modi said that starting tonight the Rs 500 and Rs 1000 notes will only be worth the paper they are printed on. He added that ATMs will not work in some places on November 9 and November 10. Here’s a quick guide

WATCH VIDEO: Here What You Can Do With Old Rs 500, Rs 1000 Currency Notes

What to do with Rs 500 and Rs 1,000 notes?

Since currency notes of these two denominations have become invalid, they can be exchanged at in any bank or post office by showing ID proof. For the initial 72 hours, government hospitals and petrol pumps, CNG gas stations will accept the old Rs 500 and 1000 notes till November 11 midnight.

What is the time frame to exchange these notes?

People have 50 days, from November 10 to December 30 to deposit notes of Rs 500 & Rs 1000 in any bank or post office. Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000.

Are there any restrictions on other transactions?

There are no restrictions on card payment, cheque, demand draft, electronic funds transfer. However, there is a limit on daily and weekly withdrawals. 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.

WATCH VIDEO: Rs 500, Rs 1000 Will No Longer Be Legal, Says PM Narendra Modi

Will the govt issue new notes?

PM Modi said that new notes of Rs 2000 and Rs 500 will be circulated soon.

Urging people to help the government in its fight against black money and fake currency notes, PM Modi said the process of cash circulation is directly related to corruption in the country impacting the lower classes of society.

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  1. C
    Chander Pal
    Nov 9, 2016 at 7:40 am
    The Nehruvian model of controlled economy of licence raj, inspector raj, coupled with 90 income tax pushed trade and industry to black economy. It is not a secret that entire w markets of Sadar Bazar, Chawari worked on the 'number 2' billing. Other 'number 2' trades with heavy to the brim cash transactions have been the film industry, real estate and not to forget the political parties.
    Reply
    1. K
      Krina Patel
      Nov 30, 2016 at 5:16 pm
      Bold step taken by the government. This is only the way to clear black money from India which leds us to become developed country by 2025.
      Reply
      1. P
        Paul
        Nov 8, 2016 at 3:53 pm
        Great move. Only a genius can think of. He should also announce that the new currency could also be demonetized as and when neededlt;br/gt;Without notice. Every five years would be a good choice.
        Reply
        1. T
          Tanmay mishra
          Nov 8, 2016 at 7:19 pm
          It is good
          Reply
          1. S
            SubbuI
            Nov 9, 2016 at 7:00 am
            DON'T WORRY. NALAYAK NMODI HAS KEPT A WAY TO DISPOSE AND MAKE IT WHITE VERY EASILY. WHAT HIS FRIENDS ARE GOING TO DO IS DEPOSIT THE MONEY IN DIFFERENT JAN DAN SILENT ACCOUNTS IN CRORES BY END DEC.BY THE TIME I TAX PEOPLE FOLLOW THIS, TRANSFER THE MONEY BACK TO YOUR OR ANY OTHER ACCOUNT ELECTRONICALLY.THEN YOUR CA WILL ADVICE YOU FURTHERlt;br/gt;THIS DICTATOR N MODI AND KALNAYAK GANGSTER SHAH ARE JUGAD EXPERTS AND JUMLA MASTERS CAN NEVER BE TRUSTEDlt;br/gt;THIS ONE MAN RING MASTER IS NO LESS TO DICTATOR HITLER WHO PERISHED AT LAST
            Reply
            1. S
              Suresh
              Nov 13, 2016 at 5:38 pm
              Please help me by giving answer....am a business man am running a hardware shop in my business the customer giving cash as 500rs and 1000rs it's a valid business should I accept or not?lt;br/gt;lt;br/gt;Please give me answer 9945814474
              Reply
            2. A
              Abbiya
              Nov 8, 2016 at 5:32 pm
              We are appreciate to taken bold step our MP. .
              Reply
              1. A
                ankush
                Nov 10, 2016 at 2:12 am
                do we deposit any amount of money, or else i have heard that there is a limit on deposit , if someone deposit more than 2.5 lakhs in these 50 days they are lensed by it department.
                Reply
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