It is the great decision by PM Narendra Modi India to banned 500 and 1000 rs notes from Indian economy to stop black money from Indian market and lead Indian economy at strong stage.
Now it is the question that what to do for old currency of 500 and 1000 rs notes.
Government has given us some relaxation to exchange 500 and 1000 rs notes on near bank and post office before 30 December.
However from 11 December 2016 the 500 and 1000 rs notes will not work on government hospitals, air port, railway station, bus station and co-operative organization.
What should we do next with our 500 & 1000 notes?
Now the big question is who have 500 and 1000 notes of what he would do? According to the Prime Minister to clarify the announcements, which are as following:
- Modi announced that the older currency can exchange at the bank or post office until 30 December to 10 November. You may change 500-1000 Note by going to any bank and post office.
- If you could not able to exchange 500-1000 rs notes before 30 December 2016 then you have to go for RBI branch and you can deposit or exchange your old currency their.
- To deposit your old 500-1000 rs notes at RBI you have to give their valid ID proof otherwise you will not allowed to exchange your old currency.
- You can change your 500 and 1000 rs notes maximum of 4000 from 10th November to 24th November 2016 after 15 days means after 25th November it will be extended from 4000 to more.
Which ID Proof will be valid to exchange old currency?
As we know now that old currency of 500 and 1000 rs notes will not work longer and we have to exchange it to RBI branch after its time limitation.
People have to give below ID proof to exchange older currency in the new currency.
- – Aadhar Card
- – Pan Card
- – Water ID Card
- – Bank ID Proof
- – Post Office ID
How to buy anything safely from now?
If you have other currency like 50, 10, 20 and 100 in limitation then you should buy any kind of product or services through online so you can save other currency.
Also by doing online transaction of any product or service you can save time and stop black money too. So after online transaction and shopping through card is beneficial for us.
When new notes will be available?
Indian government has announced that new notes of 500 and 2000 will be available on 10th December approx. So, new notes will be available only after clearance of old currency from market.
Right now as per RBI report in India currently more than 2 lakh ATMs and 1.4 Lakh bank branch exist which includes Bank, Village Gramin Bank and Co-operative banks.
Also right now more than 1.5 lakh post office branches exist in India so you can go for any of branch and can exchange 500 and 1000 rs notes.