Rs 500, Rs 1,000 ban : Complete Guide, Form and What to do now

Few days ago, PM mode addressed the nation and banned all old Rs.500 and Rs.1000 currency notes with immediate effect. Surprise move for common man and shocking news for black money owners. Many people see it as good and positive step to curb black money and inflation, while others see it to curb large cash flow in upcoming UP, Punjab state election.

Whatever the reason is, the common man wants to know what to do now.

Here is your complete guide to help you in simple manner.

First of all, there is no need of panic. All your money at your home or in your bank account is safe. You’re still the ownder of your money.

Exchange

You can visit nearest bank / post office to exchange your old currency note with the new one. You just to fill up form there, attach a photocopy of your aadhaar card, pan card etc. and show the original one at the counter and exchange upto Rs.4,500/- in a  single day till 24th Nov.

The limit will be increased after 24th Nov. 2016.

You may download the form from here.

In reality, some banks are allowing only its account holders to facilitate exchange of money. So, in that case, you need to visit your own bank branch to get new currency note.

Deposit

You can deposit any amount in your bank account or post office from Nov 10 – 30 Dec 2016 with valid ID proof.

And from 31 Dec 2016 to 31st March, 2017, you need to deposit the money in RBI specified office.

Withdraw

From ATM, you may withdraw upto Rs.2500 a day till 18-Nov-2016. From 19-Nov-2016, the limit is Rs.4000 per day.



From your bank account account or post office, you can withdrwal upto Rs.24,000/- a day or in a week.

The complete guide is presented below in tabular format.

Rs 500, Rs 1,000 ban : Complete Guide, Form and What to do now

You can also read our previous article FAQ on same from RBI

Updated on 16-Nov-2016

Pradhan Mantri Jan Dhan Yojna account holders can not deposit more than Rs.50,000 in their account. The step was taken by Govt. as many people were mis-using Jan Dhan account to convert black money to white money.

A small mark of indelible ink will be applied on the right hand index finger of those exchanging currency notes to prevent multiple cash withdrawals.

If you’ve purchased or sold Gold between Nov 8 – Nov 10 2016, you can come under scrutiny by Income Tax department.

Updated on 21-Nov-2016

You can now drive into a petrol pump to draw cash. Swipe your debit card at petrol stations run by state-run oil companies and you will get Rs 2,000.

You may download the list of petrol pumps dispensing cash from here.

Still got any doubt? Just mention in below comments, and we will try to answer that.

Rs 500, Rs 1,000 ban : Complete Guide, Form and What to do now
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