Prime Minister Narendra Modi, in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.
Here’s what you need to do with your 500 and 1000 rupee notes.
You can exchange the Rs 500 and Rs 1000 denomination notes at banks and post offices from November 10 to December 30. However, the exchange limit has been capped at Rs 4,000.
You have to produce your PAN card or Aadhaar card at banks and post offices while exchanging.
There is no limit to deposit cash at banks. But if you have KYC issues, then the limit is Rs 50,000.
ATMs will be closed on November 9 and 10. But, you can withdraw money from ATMs from November 11.
The withdrawals have restricted to Rs 2,000 per card per day from November 11 to November 18, and will later be increased to Rs 4,000 per card per day from November 19.
The notes can be deposited at Reserve Bank with a declaration after December 30.
Tourist can change the notes at airports.
There will be no restriction on any kind of non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer.
Also read: Rs 500, Rs 1,000 notes declared illegal from midnight: PM
Where you can use your Rs 500, Rs 1000 notes?
You can use your Rs 500 and Rs 1000 notes at the following government-authorised places till November 11
Airline, railway and bus ticket booking counters
Consumer co-operative store
Petrol, diesel, CNG stations authorised by public sector oil companies
Crematoriums and burial grounds