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500 and 1000 Notes Banned: New Indian Currency Series Issued

Recently, Government has demonetized 500 and 1000 denomination notes in India with effective 9 November 2016. This decision was taken due to the increment in money laundering in India. So this simply means that your rs. 500 or rs. 1000 are no longer valid to make market purchase or exchange for goods and services.

In addition, RBI has also introduced new 2000 rupees note w/e 11th November 2016. This new rupee note looks pretty decent.

The recent act by Indian government is a revolution in itself. Not only this act will bring black money owners but it will help a lot of poor and needy people financially. I will decrease corruption, terrorism and counterfeit currency.

rupee 500 banned demonetizing

New Indian Rupee/Currency Exchange Policy

ActionsMaximum LimitDuration
Old Notes ExchangeRs. 400010th Nov - 24th Nov
Bank Note WithdrawalRs. 10000 Daily10th Nov Onwards
Bank Note WithdrawalRs. 20000 Weekly10th Nov Onwards
ATM Note WithdrawalRs. 2000 Daily10th Nov - 18th Nov
ATM Note WithdrawalRs. 4000 Daily19th Nov Onwards
Old Note DepositNo Limit10th Nov - 30th Dec
Cashless Online ShoppingNo Limit8th Nov Onwards

 

Important Rules To Follow By RBI

  1. Deposit all old notes of 500 and 1000 denomination to bank and get new series notes in exchange.
  2. Maximum rs.4000 can be exchanged per day, special bank team will be organised for overtime work.
  3. You can withdrawal a total of rs.10,000 daily and rs.20,000 weekly from banks or ATM combined.
  4. Exchange all your old 500 rupees note and 1000 rupees notes before 30th December 2016.
  5. ATM operations closure on 9th and 10th November and same for the all Banks in India.
  6. Only rs.2000, rs.100, rs.50, rs.10, rs.5, rs.2, rs.1 and coins can be use to purchase goods and services until you get new 500 and 1000 series bank notes.

Why Government Banned/Demonetized 500 and 1000 Notes ?

Okay, lets understand why government has banned old notes?

The answer is quite simple i.e to stop money laundering and black money. When higher currency such as rs.500 and rs.1000 will be demonetized then such notes become useless.

500 1000 rupees noteThis will really hurt all money launders in India as they can’t use that money and all will be wasted. That is why Indian government has only picked higher value notes.

I personally feels that this is a great move by government and we should respect it. “Though the instant decision may come as a setback to those who have marriages going on, to the farmers and marginal traders who were undergoing financial transaction and were in immediate need of money” said Virbhadra Singh.

New 500 Rupees Note First Look

new 500 rupees note back

The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements; the principal features are –

  • The size is 66mm x150mm
  • The colour is stone grey
  • Red Fort-an image of Indian heritage site with Indian flag on the reverse

new 500 rupees note

The banknote also has features (intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines, circle with ₹ 500 in the right, and the identification mark) which enable the visually impaired person to identify the denomination.

Read More on www.rbi.org.in

How To Replace My 500 and 1000 Notes From Banks ?

  1. First of all, collect your valid ID proof like Aadhar card, Driving Licence or PAN Card.
  2. Make sure you take only upto rs.4000 to exchange with your financial institution.
  3. After that, visit to your nearest Post office or your bank account
  4. The bank executives will validate your identity and give you cash in exchange
  5. You can only receive rs. 2000,  rs. 100 rs. 50 , rs. 10 or rs 5 denomination rupees.
  6. This process will be valid till only 3oth of December 2016. So hurry up

What If I Unable to Exchange My Older 500 or 1000 Notes ?

Lets take an example, If you have 500 or 1000 note and you didn’t exchange it before deadline then you have another chance to do the same. All you need to go to your nearest RBI Head or corporate office. Please make sure you bring your valid identity proof and a proper reason. Finally explain them why you were unable to exchange your older currency.

Finally if they approve your excuse then you will get exact same amount with latest series notes.

Where I Can Use My Old Rs. 500, Rs. 1000 Notes Between 9th to 30th December ?

You can still exchange your old 500 and 1000 denomination notes on below places or institutions.

  • Government hospitals ( only to clear your dues or pay bills: No money exchange)
  • Railway tickets booking counters ( any railway station across nationwide )
  • Government buses counters ( only major bus stands )
  • Airline ticket counters on any airport
  • Petrol diesel and gas station authorized public sector oil companies ( such as Indian oil, Hindustan Petrolium)
  • Consumers authorities approved by central or state government ( for eg. canteens )
  • Milk Booths authorized by state government
  • Crematoria and burial ground

I Hold No Bank Account, What Should I Do?

Okay, lets assume that you have no bank account then no issue. Just take your cash with you and visit any RBI approved financial institution such as State bank of India, Axis bank, PNB etc. You can simply exchange your old notes with the new one.

Will I Get Full Refund With New Notes?

Yes, you will receive equal value of New banknotes with exchange. Suppose if you have rs.3500 old rupee note then you will get same amount of new rupee note.

I am a NRI and Live Outside India, How to Tackle this Situation?

So if you are living outside India the ask for your relatives help to exchange your older notes. You actually don’t need any bank account for that. Anyone can do the job for you but only 4000 INR per day can be exchanged.

How Much Amount I Can Withdrawal From Bank?

During 11th November to 30th December 2016, you can withdrawal rs. 10,000 from bank per day. However in every week the cash out amount should not be exceeded rs.20,000. If you want to transact more amount then you can use online transactions method such as NEFT, RTGS etc.

Can I Make Online Transaction with Cashless Cards?

Yes, Your online transaction will remain absolutely 100% functional. You can make payments from your net banking account for EFT fund transfer. You can use your credit or debit cards to make online shopping purchase normally. The only problem is that you can’t select Cash on Delivery if you don’t have rs.100 notes available.

500 and 1000 Notes Banned: New Indian Currency Series Issued
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18 Comments on "500 and 1000 Notes Banned: New Indian Currency Series Issued"

500
Sajit

Dear Pankaj,
What is the limit of transaction via rtgs or cheque deposit?

person

The dumbest decision ever taken by the any Govt. I don’t think that the govt has taken this decisions to bring down the black money. if they wanted to to stop black money then why they are giving offer like pay 200% tax on depositing black money. only the common man is suffering standing in long ques. and village people has to travel to near by cities to to exchange the amount

Rahela Darvesh

I personally my self iam aware of many language’s it is also so great in our country INDIA. Just a little spelling mistake iam teacher I thought about it yes it’seems a correction on Urdu And Hindi on the note to be made yes it is (Hazaar not Baazar) in Urdu -in Hindi again it is (dho not dhon) just two letters B and N . Thank you very much please don’t have any such quarry any make issues relating personal matter information regarding the Indian rupes.

Rahela Darvesh

Mr Modi has taken the right decision towards the youth of the country and yes ofcourse he is a wise man and we are proud of Mr Modi. Man makes money money dosent make a man the new Indian currency note are more brighter and it’s more alluring he colours and the texture is slightly better. I personally my self iam aware of many language’s it is also so great in our country INDIA. Just a little spelling mistake iam teacher I thought about it yes it’seems a correction on Urdu And Hindi on the

Ritesh Awachat

Please ensure that the old age citizens will not get trouble … please do there separate row @ Banks And ATM

Josh

Hi , I reside in Canada & have currency of around 100000 Rs. Do you know if I will be able to travel to India & deposit it or is there a place in Canada that I can exchange it to Canadian dollars.

Rs619633

Hello,
When you say that withdrawal is limit to 20000 per week so how does it count?. For i.e I have taken out 20000 from my account with from 10th November, 2016 to 12th November, 2016 which was Thursday to Saturday. Next time when I’ll be eligible to withdrawal of 20000 from My bank account.

Aarav

I live abroad and will come to India next year.I have 10000 in my house which I left for emergency.What should I do?

Cutie

If government trying to do best for people to provvide them new 500 and 2000 currency so that government can tackle the problem of black money and fake currency.Then why government can’t make more 10rs 20rs 50 rs 100rs to sort the all problems..After new 500 and 2000 people ll have change problem so government also think about this and make more 10rs 20rs 50rs 100 rs than 500 and 2000…..forwarding this will help all indian people.
Guys plz share this to all.

Sikandar Paswan

I m Sikandar Paswan i m a m.com stdnt ..this decission taken bye pm modi ji its a most greatful.. decission i appriciate to pm modi ji.

G.Sreeramulu

The decision taken by Modiji is great and brave.i appreciate Modiji’s step. But if the same could have been notified well to the public or common person via media and publications it will be excellent. Because with a Labour or employees or small business people will suffer. People who on travel trips or pilgrim visit or on business to other cities will suffer much.

kushal kumar
PM Narender Modi was in the air at about 9 PM on 8 November 2016 announcing that currency notes of rupees 500 and 1000 would be illegal effective from midnight of the said date. Details of going about and conditions were also spelt out. The objectives of the move so declared are obvious and could likely have salutary effect on economy of the nation. In this regard , it may be relevant to let readers know this Vedic astrology writer’s prediction in article “ 2017 – an opportune year fo
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