Having Cash of Rs.500 and Rs.1000???Here’s why you don’t need to panic



These 9 points will calm you

  • Notes can be deposited in banks between Nov. 10 and Dec. 30
  • Banks will also exchange these notes up to Rs.4000 till Nov. 24
  • Post Dec.30, these notes will be accepted only by the Reserve Bank of India along with a written declaration
  • ATMs will not function for two days from midnight of Nov. 08
  • Banks will be closed for public transactions on Nov. 09
  • For a few days, only up to Rs. 2000 per day can be withdrawn from ATMs; this will be raised to Rs. 4000 later
  • New Rs. 500 and Rs. 2000 notes to be released later by RBI
  • Exchange facility for upto Rs. 5000 for arriving and departing passengers who have Rs. 500 or Rs. 1,000 notes. Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs. 5,000 into legal tender.
  • Cash withdrawal from a bank account, over the counter will be restricted to Rs.10,000/- subject to an overall limit of Rs. 20,000/- in a week for the first fortnight, i.e., until the end of business hours on November 24, 2016

 


About Akash Ranjan

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