Yesterday, PM Modi announced that the old currency notes of Rs. 500 and Rs. 1000 will no longer be a legal tender. Is this a statement to panic? No, if you have a lot of hard earned cash at home which is well accounted for, you need not to worry.
Today, we will let you know what you need to do in the next few days?
Deposit in a Bank where you have an Account
You can easily go to your nearest bank branch and deposit your hard earned money into your account. If you haven’t completed the KYC norms, the limit to deposit is Rs. 50,000, but in case the “Know your Customer” norms are completed there is no limit of depositing the money. All you need to carry is a PAN card with you whenever you move to the bank. Remember, last date to deposit the old notes of Rs. 500 and Rs. 1000 is 30th Dec, 2016.
50 Days Time to Exchange and Deposit
You have an entire 50 days of time to deposit and exchange the old Rs. 500 and Rs. 1000 notes from your nearest banks. The process will continue till 30 December, 2016 and after that you can move to few select RBI branches up till 31 March, 2016.
Where are the Old Currency Notes accepted?
From Nov 8, midnight up till Nov 11, midnight, government hospitals, railway stations, airports, government co-operative stores, petrol and gas stations will be accepting the old currency notes of Rs. 500 and Rs. 1000.
Is there any restriction on Credit and Debit Cards?
No, credit and debit cards will function the way they were. Apart from that Rs. 10, Rs. 50 and Rs. 100 notes do not have any sort of restrictions and will be accepted nationwide along with the coins.
Restriction on ATM Withdrawals
The ATM machines will not be functioning on Nov 9 and Nov 10 in few cities. After this period, ATM withdrawal restriction will be Rs. 2000 per card which will be raised to Rs. 4000 in next few days.