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Rs 500, Rs 1000 notes illegal now – What to do ? How to exchange ?

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500-1000-rs-banned

 

 

 

 

 

 

 

Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.”

On November 9 and in some places on November 10, ATMs will not work.

Some Exceptions

For 72 hours, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:

–Government hospitals will continue to accept old Rs 500, Rs 1000 notes for payment.

–Rrailway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets.

–Petrol, diesel and gas stations authorised by public sector oil companies

–Consumer co-operative stores authorised by state or central government.

–Milk booths authorised by state governments

–Crematoria and burial grounds

 

What are the next steps? What to do with the notes? How can I exchange these RS 500 & Rs 1000 notes

You change them at the bank or post office from November 10 to December 30. Take Aadhaar card and Pan Card when you go to exchange these notes

After December 30, these can be changed at the Reserve Bank with a declaration

Tourists can change the notes at airports

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please comment below

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The author is a Chartered Accountant and loves to write about Personal Finance, Wealth Management, Taxation etc. Disclaimer - The articles on this website is for informational and knowledge purposes and should not be treated as financial advice, Please consult your financial advisor before taking any investment decision.

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