RBI Banned Rs.500 Notes & 1000 Notes:
Prime Minister Narendra Modi has announced that Rs. 500 and Rs. 1,000 currency notes are illegal as of midnight. Here is his speech in English and Hindi on 08-11-2016:
Today Historic Decision by PM Narendra Modi that “Rs 500, Rs 1,000 Currency notes declared illegal from midnight”. To Stop Black Money and Corruption. So Large Republic of India and Common man Are Searching for New Currency Note of 500 Rs & 2000 Notes on Internet which is published by RBI. Provides Images and videos of New Rs 500 and Rs2000 Notes
Highlights of Narendramodi speech:
- Some important decisions and some serious issues to share.
- When you elected this government in 2014, world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.
- Sab ka sarkaar, sab ka vikas – governance and progress for all is our motto. We are focused on empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers.
- Corruption and black money are diseases rooted in this country, they are obstacles to our success.
- We are among fastest-growing economies, but we also rank so high in global corruption rankings.
- Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
- Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
- Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.
- 1.25 lakh crores of black money has been recovered.
- We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices.
- On November 9 and in some places on November 10, ATMs will not work.
- Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
- Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
- Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value
Rs 500 and Rs 1000 Notes are Banned From 12AM 9th November 2016.
Indian PM Narendra Modi addressed the nation today an announced a huge decision against corruption and black money in India.
From 12AM November 9 Rs 500 and Rs 1000 Notes will be banned from India. Everybody must return their Rs 500 & Rs 1000 notes to the banks within 30 December 2016. All banks and ATM will be closed tomorrow.
Indian government done same in 1978 when it demonetised Rs 1000, 5000 and 10,000 notes
Where can I exchange/ deposit my Rs 500 and Rs 1000 notes?
Government Hospital, International Airport, Government Bus Stand, Railway ticket booking counter will still accept Rs 500 and Rs 1000 Notes till 11th November.
How to Exchange Your Notes: Guide Lines to Exchange OLD Rs.500/1000 Notes
- Go to your nearest Bank or to your nearest post office from 10th November to 30th December
- Carry a valid ID proof with you, like your Aadhaar card or PAN card or Voter ID or Passport etc.
- Then submit your notes to bank authorities by showing your ID proof.
From November 10 till December 30 you can deposit the old notes at your nearest bank or post office accounts without any limit. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days
Download 500-1000 Old Notes to New Notes Form
500 – 1000 New Notes
You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. One must produce a valid government identity cards like PAN, Aadhaar and Election Card.
Banks will remain closed on November 9 allowing them time to cope with the new directive.
There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer.
What are the restrictions on ATM withdrawals?
ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.
How to Convert 500 – 1000 Old Note to New Note |
Where can I still use my Rs 500, Rs 1000 notes?
Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:
— hospitals
–Railway, airline, bus ticket booking counters
–Petrol, diesel and gas stations authorised by public sector oil companies
–Consumer co-operative stores
–Milk booths
–Crematoriums and burial grounds
Where can I get the new currency notes?
RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.
How this will affect you
Starting midnight on November 8, Rs 500 and Rs 1,000 notes will no longer be legal tender. Other currency notes – Rs 100, Rs 50, Rs 20 and Rs 10 – are still valid, as are all coins. However, all cashless transactions, such as cheques, cards and demand drafts, will continue as usual. This Looks Improve Digital India Project so people more depend on Cashless Transactions.