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500 & 1000 notes scheme
- 1. Clarification on 500 & 1000 notes schemescheme
- 2. Introduction Rs 500 & Rs 1000 notes scrapped from 9th November 2016 i.e. It wont be accepted, it will be only exchanged at banks or post office. No need to PANIC No need to PANIC ATMs will be closed on 9th November and some places on 10th November also. For the first few days, there is a limit of Rs 2000 per day per card while withdrawing from ATM. This will be raised to Rs 4000 later.
- 3. Depositing and withdrawing cash Old 500 & 1000 notes can be deposited in your bank or post office accounts till 30th December, 2016 without any limit. Hence, you have 50 days to deposit your money. For immediate needs, you can go to any bank or post For immediate needs, you can go to any bank or post office, show your identity proof such as adhaar card, ration card, PAN card or other approved and exchange your old notes with new notes. From 10th Nov till 24th Nov, the above exchange limit will be Rs. 4000/-, this will be increased later.
- 4. Depositing and withdrawing cash After depositing the amount you can withdraw it whenever you need. For a few days there will be a limit on this; Rs 10000 per day and Rs 20000 per week, this will be increased later.be increased later. Those who are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016 can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
- 5. Places where these notes will be accepted till 11th November midnight Government Hospitals Pharmacies in government hospitals Railway ticket booking counter Government bus depots Airline ticket counters Airline ticket counters Authorized petrol pumps Consumer co-operative stores Authorized milk booths Crematoria and burial grounds
- 6. Other important announcements Arrangements will be made at international airports for arriving and departing passengers who have 500 or 1000 rupee notes of not more than 5000 rupees, to exchange them for new notes or other legal tender. Foreign tourists will be able to exchange foreign Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender. THERE IS NO RESTRICTION ON ANY KIND OF NON-CASH TRANSACTIONS SUCH AS CHEQUE PAYMENT, ELECTRONIC FUND TRANSFER, DEMAND DRAFTS AND CREDIT OR DEBIT CARD PAYMENTS.
- 7. Why this scheme? Eradication of fake currency. Eradication of black money. Decrease the incidence of terrorism.
- 8. New updates Banks will remain open for public on Saturday and Sunday i.e. 12th and 13th November, 2016.
- 9. Before taking any major steps please consult your tax consultants.