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10 things to know about the ban on 500-1000 notes

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On 8th of November 2016, our Prime Minister Narendra Modi made a bold step to ban the current 500s and 1000s notes. Some people refer to this as ‘the most courageous step’ after Independence. The main idea behind this is to flush out the black money from the economy. The banks were also not pre-told about this move. It was spontaneous and very firm. The merits or the demerits of this can be analyzed only with time, but the yes majority of people are supporting this, and yet many feel this step should roll back.


Here are 10 most important things that you much know about this significant change.
1.This action is taken not only to stop the collection of black money but also to prevent the circulation of fake currency.
2.RBI has issued new notes of 500 as well as a new bill of Rs 2000, which will soon come into circulation.
3.You can get Rs 4000/person in cash regardless of how much you submit, and the leftover will be sent to the credit of your account.
4.You necessarily not go to your bank, you can go to any branch of your bank and get your money deposited.
5. You can even go to any other branch of any other bank, provided you take your identity proof and bank account details.
6.The ban is only on the paper currency you can use NEFT/RGTS/Internet banking/IMPS/mobile banking/PTM etc. for any amount.
7.If you are not in India, you can give an authority in writing to a friend or member of your family who can the on your behalf make the exchanges with your written authorization and your identity proof.
8.NRIs can deposit their OHD notes to their NRO Account.
9.As a foreign tourist, you can exchange equal amount to rs5000 using OHD notes, by providing your identity details.
10.You can make all the transactions till 3oth of Dec 1016, and those who are unable to do so a new opportunity will be given to do so only at specific RBI Offices with all the documents and information.

 

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