To curb the Black money in India, finally Mr. Narendra Modi has taken the boldest decision of Indian economy. Now onward, Rs 500 & Rs 1000 notes will have no value. That means these 2 currency notes will be banned from mid-night today. And after that the new notes of Rs 500 & Rs 2000 will be issued.
This has created a huge panic among people as people started visiting ATM machines to collect Rs 100 notes. In fact there are people who started exchanging rs 400 with Rs 500, as per TV news. Whatever it is, now the question is how people can change these notes and get functionable new notes?
The answer of this question is very simple, just visit your nearest bank or post office and either deposit the money in your account and then withdraw new notes from ATM or directly exchange from bank with the new notes. But there are more information which can create a short term problem in our society.
As per NDTV news, I found the below information and shared here.
Here’s what you need to do with your Rs. 500 and Rs. 1000 notes.
- Deposit them at the bank or post office from November 10 to December 30
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs. 4000
- Take Aadhaar card and Pan Card when you go to exchange notes
- After December 30, these can be deposited at the Reserve Bank with a declaration
- Tourists can change the notes at airports
Your Rs. 500 and Rs. 1000 notes be accepted till November 11 at:
- Petrol Pumps and government hospitals
- Railway, airline, government bus ticket booking counters
- Consumer co-operative stores run by state or central government
- Milk booths auauthorized state governments
- Crematoriums and burial grounds
Don’t get panic and try to adjust in next few days and handle this situation and also help others to undersyand why this step has been taken. There might be a short term immergency or problem many of us will face who are not using plastic money, but that is going to resolve in next few days. I am sure there will be many more useful information to be shared by Govt of India which will help people to handle this situation.
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