The Prime Minister scrapped 500 and 1000 rupee notes, effective, November 8th 2016. Now, the Government has stopped the exchange of old 500 and 1,000 rupees notes, at banks. This is effective midnight, November 24th 2016. Earlier, you could make an exchange (only once), up to INR 2,000 in old notes, for the new currency at banks. Now, you can only exchange your old 500 and 1000 rupee notes, at the Reserve Bank counters. This is only up to INR 2,000 per person.
From today, (November 25th 2016), you can only deposit your old 500 and 1000 rupee notes at banks. You will have to remove money (new currency), using ATM’s or cheques. You can withdraw, up to INR 24,000 a week, per bank account. You can also withdraw money, up to INR 2500 a day per card, at an ATM. The Government wants citizens to stop exchanging old 500 and 1000 rupee notes, focus on opening new bank accounts (if they don't have an account) and deposit old 500 and 1000 rupee notes at banks. You can deposit old 500 and 1000 rupee notes, till December 30th 2016.
Want to know more on financial planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.
This is only till 15th December 2016....
Finally a sigh of relief…Bank staff who have been overstretched across the country, can breathe easy….No more exchanging old 500 and 1000 rupee notes. Now the burden shifts to the employees of the Reserve Bank. Commercial bank staff complain….Just to exchange INR 2000, there is verification of identity proof (Originals are often missing). Then citizens standing in long queues, have their index finger marked in ink. Bank staff have to do this job, instead of concentrating on the loan business.
Citizens are often angry with bank staff. They say…The Government has asked us to exchange old 500 and 1000 rupee notes, up to INR 4,000 per person, showing valid identity proof. If bank staff say…No the limit is just INR 2,000, citizens are angry. Yes…The government had allowed citizens to exchange old 500 and 1000 rupee notes, up to INR 4,000. This limit was then raised to INR 4,500. Then it was reduced to INR 2,000. Many citizens were unaware of this change and took out their anger on the bank staff….
With the exchange of old 500 and 1000 rupee notes stopped, bank staff can heave a sigh of relief.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.