Thursday, 10 November 2016

500 and 1000 notes are invalid now

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Rs 500 and Rs 1000 Notes are Invalid

  • Prime Minister Narendra Modi talked about fighting corruption and black money during his address to the nation.
  • Narendra Modi has taken a  major step to check black money.
  • Prime minister announced demonetization of Rs 500 and 100 currency notes from 8th November midnight.
  • The RBI has issued new series of notes for 500 rupees and 2000 rupees denomination with improved features and newer sizes.
  • Old Notes will be accepted for railway ticket booking and air travel booking for the first 72 hours.
  • No restriction on electronic fund payments or transfers including credit and debit cards.
  • People can withdrawal a new notes will be limited to Rs 10,000 per day and Rs 20,000 per week initially so use your credit and debit card to shop.
500 and 1000 notes are invalid now
  • People can exchange old notes at designated offices of the RBI after submitting a declaration form and showing your ID card up to 31.3.2017. 
  • People have to prepare for long queues at banks and post offices from Nov 10 on wards. From November 10 to 24 old notes up to Rs 4000 in value can be exchanged.After Nov 25 this limit will be raised 
  •  People need to take your ID cards along with them to exchange their money.

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