PM Narendra Modi finally throws his trump card on the face of black money savers. The 500 and 1,000 rupee notes is now going to be a thing of the past as Government has scrapped these notes to crackdown on exchange of black money. A proposal for new 500, 2000 and 5000 rupee notes has been cleared by the Reserve Bank of India.
- Deposit them at the bank or post office from November 10th to December 30th without any limit..
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs. 4000
- Take your Aadhaar card and PAN Card when you go to exchange notes
- After December 30, these can be deposited at the Reserve Bank with a declaration till March 30.
- Tourists can change the notes at airports.
The 500 and 1000 Rupee Notes will be Accepted Till November 11 Midnight at: –
- Petrol Pumps
- Railway, Airlines, Government bus stand ticket booking counters
- Government hospitals
- Consumer co-operative stores run by state or central government
- Crematoriums and burial grounds
- Milk booths authorized by state governments
How NRIs Can Deal with 500 and 1000 Rupee Notes: –
If you are an NRI and have 500 and 1000 Rupee notes, you can get them converted to local currency (US Dollars or UAE Dirhams or whatever) at Airport only till November 11.
There is no restriction of any kind on non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer. To know more about this, you can approach the control room of RBI by email. You can mail to email@example.com or call 022 22602201 / 022 22602944.