500 and 1000 rupee note is now Demonetized.This is a Historical decision by this currency government of India. RS. 500 and Rs 1000 notes will not a legal tender from now anymore.
Prime minister of India Shri Narendra Modi has announced that Rupees 500 and Rupees 1000 currency will be discontinued from 8th November 2016 night 12 PM.
Demonetizationof Indian money is a big decision of government of India for the prevention of the Black money.
All old 500 and 1000 rupee note will be exchanged and submitted to your bank from 10th of November to 30th December 2016. Govt had issued New 500 rupee note and 2000 rupee note. These New 2000 rupee notes are little smaller in Size.
Important Points to remember on old 500 and 1000 rupee note :
- Banks are taking these currency until 30th December 2016.
- After 30th December You have to submit the same to RBI with Income Declaration.
- Petrol Pump will take these Currency Notes till 24th of November 2016.
- You can change old rupees 500 and 1000 notes on Airport too.
- You can easily do other Financial activities through Bank. Like NEFT, RTGS, Cheque and others.
- Post offices also will accept this currency until 30th December 2016.
- All Government Hospitals will accept the 500 and 1000 currency in a limit.
- You can use credit and Debit cards Without any Problem.
- No Need to Panic who have genuine Hard Earned Declared Money. Exchange your notes in 50 days.
Governor of RBI Mr. Arjit patel has announced that bank will help the common man to change their money. All Banks and Post offices are managed to do so. we would like to make advantages of demonetization in India.
This is not an overnight decision of Demonetization of Indian Rupee. RBI is into the printing of such notes from the long way. Banks had already handled the new denomination notes enough to handle the customers.
Bank will remain close on 9th of November 2016 for the preparation to serve the customers.
There is a limit of cash with drawl from the bank for Next two weeks. Future will decide what will the advantages and disadvantages of Demonetisation. But the main Benefit of Demonetisation is that the Fake currency will be swipe out from the India.
Business Batao is appreciating the decision of closing such notes but Rs 2000 note is not good for an economy.
Business Batao is appreciating the decision of closing such notes but Rs 2000 note is not good for an economy.
Also read
Advantages of demonetisation of 500 and 1000 rupee notes In India