How and where to exchange old 500 and 1000 Rupees notes with new notes
The decision of Indian government to ban old 500 and 1000 Rupees notes from 9th November has taken nation by mixed emotions including surprise and shock. People were appreciating decesion but were saying that some different way could have been followed. At present people are bit cofused and having question like :
- What exactly next?
- What will happen to their existing money?
- Where to exchange the old currency notes.
So to answer theem we are giving a brief detail which will help people to clear doubts about the new and old currency
1. By what time people can exchange currency ?
Between 10 November to 24 November pepole can exchange there old notes upto Rupees 4000 after that between 25 November to 30 December people can exchange amount more than Rupees 4000.
It can be exhanged at Bank or post office and you will require to carry one of these document as identity proof: Adhar card, Voter ID, Ration Card, Passport, PAN card.
2. How to deposit old notes in bank ?
You can deposite old notes in banks from 10 November to 30 December. After that from 31 December to 31 March notes has to be deposited in RBI Specified office.
For bank deposite the document require will be : A valid bank account or Post office saving account.
For RBI SPecified office document required will be : ID Proof, PAN Card and Declaration form.
There are no limits toward the deposite amount.
3. How to and How much amount can be withdrawn from banks ?
From 10 November onwards you can withdraw Max Rupees 10000 per day or Maximum Rupees 20000 per week.You can withdraw this amount at bank or post office with slip or cheque.
4. How to and How much amount can be withdrawn from ATM ?
From 10 November to 18 November you can withdraw Max Rupees 2000 per day and after 19 November Maximum Rupees 4000 per day can be withdrawn.
4. Affect on online banking ?
There will be no effect on online banking done with credit/Debit Card, Cheque/Demand Draft(DD), Online Banking.
Since the old currency notes are banned its been seen a lot of panic in market as petrol pump are either closed or they are forcing people to buy fuel of Rupees 500 or 1000. Also shop owners are not ready to accept Rupees 500 and 1000 notes. Hope situation will get better within few days.