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What To Do With Old 500 And 1000 Rs Notes?

By on November 9, 2016

What To Do With Old 500 And 1000 Rs Notes. After the sensational announcement by PM Narendara Modi about the ban on Rs 500 and Rs 1000 notes, many people were shocked while very few were at peace.  Many doubts were raised regarding the exchange of the old notes in banks.  If you are one among them who are pondering on how to exchange your notes then here is some item of information for you.

How does the banks and post offices work?

The ATMs won’t be working on this Wednesday and Thursday while the banks won’t work on Wednesday.  Mostly, the ATMs will start working from Friday.

How to change old 500 and 1000 Rupee Notes?

People change exchange their old 500 and 1000 rupee notes from 10th November to 30th December in any banks and post offices.  Every individual needs to carry ID card to exchange currency.

What is the limit of currency to be exchanged per day?

Until 24th of this month, people can exchange only Rs. 4, 000 and the limitation will last no longer after 24th.

Can the notes be deposited into the bank?

Yes! You can deposit any length of money into your bank accounts

What is the limit of withdrawal?

Depending on the situation at the banks, the limitations will be placed.  Until 24th of this month only Rs. 10, 000 per day and 20, 000 per week can be withdrawn.

What if the money cannot be withdrawn from the account?

In such cases, people can make use of electronic fund transfer services like debit cards, cheques, neft, RTSs, IMPS etc to settle the bills.  People can also use demand drafts for paying purpose.

What if the notes are not exchanged before December?

What To Do With Old 500 And 1000 Rs Notes. In case if you failed to exchange your notes by the deadline, you will be given another opportunity to exchange them.  You can visit the RBI and exchange your notes within prescribed time limit i.e., 31st March.

When will the new notes come into circulation?

The new signal reflector equipped 500 and 2000 Rupee notes will come into circulation starting from Thursday.

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