Prime Minister Narendra Modi on Tuesday shook the nation with his announcement of demonetising high value currency notes. Soon after all Rs 500 and Rs 1000 notes in circulation were “just paper with no value”, people across the country started queuing outside ATMs in panic. Even as the PM asked people to not panic, minutes after the announcement that notes were effectively invalid from midnight, people thronged their nearest ATMs.
Finance Secretary Ashok Lavasa also tweeted out an infographic explaining where to exchange currency notes. Anyone with a valid bank account or a post office savings account can deposit unlimited amounts of cash before December 30. After that, till March 31, RBI specified offices will accept cash with a valid ID proof, PAN card and declaration form
How To Exchange and Deposit Rs 500 and Rs 1000 Notes
Download Rs.500 and Rs.1000 Currency Exchange Form ton exchange currency notes. All the people are requested to submit and exchange their already in possession Rs 500 and Rs 1000 notes. People without any discomfort are asked to exchange notes within 40 days i.e. from November 10 to December 30. All you need to do is to deposit the old notes in the nearest bank or post office accounts. But withdrawals from banks cannot surpass the limit that is at the rate of Rs 10,000 per day and Rs 20,000 per week. There will be the extension in limits in future days. For valid confirmation of the identity, people are requested are to show a valid or authentic identity cards issued by the government of India Such as like PAN, Aadhaar, and Election Card. An Indian citizen can get lower denomination of money from banks, head post offices and sub-post offices in exchange Rs 500 and Rs 1000 notes. On the other hand, the exchange limit has been wrapping up at Rs 4,000, and you can exchange till November 24.
Rs.500 and Rs.1000 Restrictions on withdrawals
As per the reports, Banks will be locked on November 9, in order to follow the new adaptive changes in the economy. Non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer will remain free from any kind of restriction. However, ATMs is not going to function on November 9 and November 10. From November 11, ATMs will stop from giving away the existing Rs 500 and 1000 notes but you can withdraw cash. And for some days these withdrawals are being clogged to Rs 2,000 per card per day, and in coming days it will increase to Rs 4,000 per card per day.
RBI Control Room Helpline Number
. RBI has opened a Control Room at its Central Office for monitoring the progress and providing guidance to banks and members of public. The email id and telephone numbers of the Control room are as under:
Email id: email@example.com
Telephone No: 022 22602804 / 022 22602944
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