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What to do with old Rs. 500 and Rs. 1000 notes

Social Media have started buzzing about the future of the notes they have in their pocket after PM Modi's statement, "All the notes of Rs. 500 and Rs. 1000 will be just a worthless piece of paper". As informed in our previous post, he also added, the notes of lower denominations will be same and they can be used in markets.

He also added you can visit nearest authorized bank or post office between 10th of November to 30th of December for exchange of money without any limit. But there is a limitation that only Rs. 10,000 in a day or Rs. 20,000 in a week can be withdrawled and the limit can be increased in upcoming days.

Rupees 500 and Rupees 1000 notes

So, Ravi (to say) my friend you just have following places where the old currencies also going to be accepted.
  • Your Old notes will also be accepted for railway ticket bookings and air travel booking for the next 72 hours.
  • There is no bar or restriction on the usage of any electronic mode of fund transfer, including non-cash payments made via cheques, demand drafts, and debit and credit cards.
  • Also, International airports will make arrangements for arriving passengers to exchange up to Rs 5,000 worth of old notes for the new legal tender.
  • Petrol, diesel and authorized CNG stations, crematoriums, milk booths, co-operative societies, and hospitals to accept the Rs 500 and Rs 1,000 notes for the next 72 hours.
  • Banks and post offices gear up for long queues starting from November 10. Any exchange after November 25 will require ID proof.
  • Starting from November 9, some ATMs will not be functioning. For the first few days, there will be a limit of Rs 2,000 per day per card which will be further extended to Rs 4,000.
  • If one misses the December 30 date to exchange their currency notes, they can still approach the designated RBI offices with the old notes and submit a declaration with ID proof.
  • There will be no change in the form of currency exchange be it a cheque, DD, payment via credit or debit cards etc.
  • All banks will remain closed on November 9 for public work.

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