Good news for common people but not good news for the people who earning black money. This is the war against corruption and we all together. The hard time began and we should cooperate the Modi Government. As per latest news and update from 09 November 2016 India Bans 500 notes.India’s Prime Minister Narendra Modi Said: All Rs. 500 and 1000 notes India not valid from 09 Nov 2016 at 12:00 AM. You can exchange your Rs. 500 and 1000 rupees note from nearest bank branch before Dec 30. The last date of transfer this note is 30 Dec 2016. 500 and 1000 note India before 2005 now automatic cancelled.
How To Replace Your Rs. 500 And Rs. 1,000 Notes
- How to exchange old 500 and 1000 notes
Simply you just need to visit Post office or Bank to exchange 500 and 1000 rupees old notes.
- How much aggregate value notes can be exchanged
High Denomination Bank Notes of an aggregate value of Rs.4,000/- only. However, if you need more than just credit the amount in you bank account. Similar facilities will also be made available in Post Offices.
- Tell me limit of exchanging Rs. 500 and 1000 notes
The ceiling of Rs.4,000/- for exchanging Old High Denomination Bank Notes at bank branches or issue offices of Reserve Bank of India will be reviewed after 15 days and appropriate notification issued, as may be necessary.
- Maximum value of amount can be deposited
There will not be any limit on the quantity or value of 500 and 1000 Bank Notes to be credited to the account of the tenderer maintained with the bank, where the Old High Denomination Bank Notes are tendered. However, in accounts where compliance with extant Know Your Customer (KYC) norms is not complete, a maximum value of Rs.50,000/- of Old High Denomination Bank Notes can be deposited.
- Can I get all in cash?
No, You will get up to Rs 4,000, per person, in cash and if you need more, you can get it credited to your bank account.
- Last date of exchange notes in Bank Branches
Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December 2016.