How to Exchange Rs. 500 & Rs. 1000 Notes, Rs. 500 & Rs. 1000 Notes are Banned
The Prime Minister of India has started a war against the Black Money. Suddenly the Govt. Of India has taken a shocking decision on to stop the spread of counterfeit notes, which is aiding terror activities across the border, and flush out black money. Yesterday the Honorable Prime Minister of India address the nation to inform about the surprising decision against corruption which was increasing day by day. But Govt. of India has taken a wonderful step to prevent the corruption. He said “the decision was taken to root out the menace of black money and corruption.”
As PM Narendra Modi’s declaration from 12 AM November 9 2016, the Rs. 500 & Rs. 1000 notes will be banned in India. He said, Starting midnight, these notes will only be “worth the paper they are printed on.” Those are no longer legal from 9th November, 2016.
After the General Election, 2014 Narendra Modi promised the nation that he will fight against the Black money and corruption. Yesterday he has proved that he is the real fighter of India. Heartful thanks to him from Mobile Recharge Overload and congratulate him for his new journey against corruption.
Anyway we have made this post to help them who has legal money in hand. We are going to share “How to Exchange Rs. 500 & Rs. 1000 Notes“. Read the full article to know more about the exchanging process of Rs. 500 and Rs. 1000 notes.
How to Exchange Rs. 500 & rs. 1000 Notes
As we have mentioned above that we have read this article to help them who have legal money. That’s why we are requesting you to exchange your legal money as soon as possible. Follow the below mentioned steps to exchange Rs. 500 and Rs. 1000 notes
- Visit your nearest Bank or Post Office within 10th November.
- Carry a valid ID Proof with you like Aadhar Card, Pan Card, or voter ID.
- Now submit your old Rs. 500 and Rs. 1000 notes showing your ID Proof.
- After 30th December you can exchange these notes at the reserve bank with declaration.
- Tourist can exchange the old Rs. 500 and Rs. 1000 notes at Airport.
Where I can use the old notes till 11 November, 2016
You can use your old Rs. 500 and Rs. 1000 Notes till 11 November, 2016. Let us have a list view of the places where you can use Rs. 500 and Rs. 1000 Notes-
- Petrol Pumps and Govt. Hospital.
- Railway, Airline, Govt. Bus ticket counter.
- Consumer co-operative stores run by state or central government.
- Milk booths authorized by state governments
- Crematoriums and burial grounds
Important Notes Regarding Exchanging of Old Notes
- One can exchange maximum Rs. 10000 per day and Rs. 20000 per week.
- There is no restriction on internet banking, demand draft and cheques.
- You can use the old notes at petrol pump, Govt. ticket counter (Railway, Airline, Bus), customer co-operative store, milk booths etc till 11 November.
- The ATMs wil be closed till 9th November and in some places till 10th November.
- From 11th November to 24th November you can withdraw maximum Rs. 2000 per day and after 24th November it will become Rs.4000 per day through ATM. But through bank the withdrawal limit is Rs. 1000 per day and Rs. 20000 per week.
- Tourist can exchange their notes at the Airport.
New Rs. 2000 Notes has been released : Rs. 500 and Rs. 1000 Notes are no longer legal
Govt. of India has released new Rs. 2000 notes and Rs. 500 & Rs 1000 are no longer legal from 9th November. You must exchange Rs. 500 & Rs. 1000 Notes before 30th December 2016 in your nearest bank or post office with valid Id. If you unable to submit your old Rs. 500 and Rs. 1000 notes before 30th December then you can submit them at Reserve Bank before 31st March, 2017 with proper declaration.
After exchanging you will get new Rs. 500 and Rs. 2000 Notes which are beautifully designed with technical features.
Some basic question arising in people’s mind
After announcement of PM Narendra Modi that Rs. 500 and Rs. 1000 Notes are no longer real, many people getting confuse. Many question is arising in their mind. But you should not be panic, you have near about 50 days to exchange your notes. Actuary this decision has been taken to prevent the corruption and black money. That’s why common people do not have to get panic. Some basic questions of common people with answer are given below-
I have no bank account, Can I exchange ??
This is the most common question because many people has not any bank account till now. So they are confused whether they can exchange the old notes or not. But you don’t have to get panic. You can also exchange your notes in your nearest bank or post office. You can exchange maximum Rs. 20000 per week.
I have only Jan-Dhan account, Can I exchange ??
Recently many people has open their account through Jan-Dhan account. Today they are asking whether they can exchange the money or not. And my answer is you can also exchange Rs. 500 and Rs. 1000 notes in your nearest bank or post office.
Where I can exchange the old notes ??
You can exchange your old notes in your nearest bank or post office. One can exchange upto Rs. 4000 per day and Rs. 20000 in a week.
Can I exchange in other Bank or Brach ??
You can exchange upto Rs. 4000 per day with a valid identity card and if you want exchange more than Rs. 4000, you have to deposit in your bank account. You can go to any other bank or branch to exchange.
I can’t go to Bank personally, Can I send my representative ??
Yes, If you can’t go personally to the bank, then you can send your representative with an express mandate i.e. a written authorization. The representative should produce authority letter and his / her valid identity proof while tendering the notes.
How many cash can I withdraw from ATM ??
You can withdraw maximum Rs. 2000 per day till 24th November. After 24th November the withdrawal limit will be become Rs. 4000 per day.
Can I withdraw cash against cheque or Bank slip ??
Yes, you can withdraw cash issuing cheque or bank slip. The withdrawal limit is Rs. 10000 per day and Rs. 20000 per week which is much better than ATM.
Technology Used in New Rs. 2000 Notes to track the Money @ Exchange Rs. 500 & Rs. 1000 Notes
To track the money Govt. of India has used some new technology with the New Rs. 2000 Notes to prevent black money and corruption.
- First of all we must share that the new Rs. 2000 notes will be equipped NGC (Nano GPS Chip) by which Govt. can track the note.
- This NGC technology will work without any power source and it will track the location of the notes.
- This NGC technology in Rs 2000 notes will also able to track the serial number of the note.
- If anyone tries to damage the NGC of the note the note itself will become damaged.
Personal judgement about this rule @ Exchange Rs. 500 & Rs. 1000 Notes
Mobile Recharge Overload personally support Modi’s new step to prevent black money and corruption. We have wrote this article for our regular visitor encouraging them to support this historical decision of Honorable Prime Minister Narendra Modi.