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Points to note about demonetization of Rs.500 and Rs.1000 notes
Posted on: 09/Nov/2016 3:21:35 PM
Right from the moment the announcement about demonetization of Rs. 500 and Rs.1000 notes was made, there have been commotions all over the country. Sorting things out, here are a few points to clarify a few of your doubts pertaining to this issue.
- Take an identity card while visiting the bank or post office for exchanging old currencies for new ones
- Between 10th and 24th November, at all banks and post offices, new Rs.500 and Rs.2000 notes can be obtained for worth only up to Rs. 4000
- The identity proof you can take are includes Aadhar card, PAN card, voter id, passport, etc
- Starting from 25th November until 30th December, it will be possible to exchange money above Rs.4000. To do the same, you need to have Aadhar card, PAN card, voter ID, or passport
- If you visit the bank to withdraw money from 10th November, one can get money only up to Rs.10,000 and the maximum amount you can withdraw in a week is Rs.20,000
- Between 10th and 18th November, the maximum withdrawal limit from banks is Rs.2000
- From 19th November, the maximum withdrawal limit will be Rs.4000 per day
- Between 10th November and 30th December, there will be no limitation to deposit funds in your account. However, in a few places, there will be a limit of Rs 50,000
- Between 31st December ad 31st March, you are free to deposit any amount in your account, however you need to declare that it is your money
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