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.

For all the latest India News, download Indian Express App now

First Published on: November 8, 2016 9:09 pm
  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
              1. 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
                  1. A
                    Alab
                    Nov 8, 2016 at 8:50 pm
                    Many people use diversionary tactics. Why Quottochi was left with crores of S ? Why his account was defreezeed by sending a Govt official to London ?
                    Reply
                    1. A
                      Alab
                      Nov 8, 2016 at 8:51 pm
                      You have to give time. Modi started working. See the results after one year
                      Reply
                      1. R
                        Rathna LK
                        Nov 8, 2016 at 7:49 pm
                        This is very brutal.The govt can't do like this.It has to give time frame .It's going to be chaos in the society.We have hundreds of crores of people..The time limit should be extended...
                        Reply
                        1. R
                          Rathna LK
                          Nov 8, 2016 at 8:13 pm
                          Without proper information they can't do like this.This is something that should be done with a time frame.Tommorrow common man will fight on the roads while they are in a hurry to exchange the money..this is really a blow to the common man.
                          Reply
                          1. A
                            Amulya Raina
                            Nov 9, 2016 at 2:48 am
                            The current 500 and 1000 rupee notes can not be exchanged. They can be be deposited back in bank accounts only. Indian Express has wrong news. If one could exchange, how would it arrest black money and neither are there so many notes available to straight away replace. lt;br/gt;Wrong details Indian Express
                            Reply
                            1. A
                              Anand
                              Nov 11, 2016 at 5:22 pm
                              How to pay Visa fees which is almost Rs. 14000 ? Did anyone thought about that.
                              Reply
                              1. A
                                Arti
                                Nov 10, 2016 at 8:03 am
                                How many times we can deposit demolished currency in the bank?
                                Reply
                                1. A
                                  Ashutosh
                                  Nov 8, 2016 at 3:50 pm
                                  Good SURGICAL strike by NaMo - JAI HO - apart from unearthing the black money the Government should ensure that the eligible holders of this currency are not put at any loss. Hopefully a few thousand cash in business / home are properly converted by all to the allowable currency. Good - desperately awaiting Pappu's comment :-)
                                  Reply
                                  1. A
                                    A.Murali Krishna
                                    Nov 9, 2016 at 1:46 am
                                    Great and Historical decision. It is a bold step. It will hit BJP also. But decision is needed. Terrorism and fake currency are targets
                                    Reply
                                    1. D
                                      Dash
                                      Nov 8, 2016 at 4:48 pm
                                      Congress party is opposing the move. Lame excuses by corrupt Cong. shows that it is worried. This antinational party has thousands of crores of money with it. The desperation of Cong. party says a lot. CPM too is opposing ths move. Mayawati,Sharad Pawar,Mulayam and many Cong. leaders must have been shocked bt this bold move. Modi must be congratulated for this bold move.
                                      Reply
                                      1. D
                                        Dash
                                        Nov 8, 2016 at 4:48 pm
                                        Old notes can be wxchanged till Dec. 31st,2016. No need to worry if your money is legal.
                                        Reply
                                        1. P
                                          PN badri
                                          Nov 9, 2016 at 10:24 am
                                          For burning /shredding the old notes surrendered by the public to thebanks will take more time than grace period offered by mid night decision of the government. Grace period is not enough considering the size of potion and rural people worst affecteday due to poor banking infrastructure facilities.
                                          Reply
                                          1. P
                                            PN badri
                                            Nov 9, 2016 at 10:20 am
                                            Rural people most affected due to this economic mess created by government.
                                            Reply
                                            1. Load More Comments