Reason behind Rs 500 Rs 1,000 notes ban ?
Due to the increasing incidences of the Indian fake currency notes which are used for anti-national and illegal activities.Many terrorist activities are also depends on these fake currencies and the other reason behind the Rs 500 Rs 1000 notes ban is the increase of the black money in the Country. These all are the reasons which has drastic effects on the Indian Economy.
How to Exchange Rs 500 Rs 1000 notes ?
You can exchange your Rs 500 Rs 1000 notes at any of these officies by showing your valid Identity Proof -:
- Issue Offices of RBI.
- Branches of Commercial banks , Regional Rural Banks , Urban Cooperative Banks and State Cooperative Banks. ( You can go to any of the Banks )
- Head Post Office or Sub-Post Office.
The exchange of notes takes place till the 30th December , 2016 and after that if anyone does not able to change the notes in this 50 days time period then don’t need to worry (PM Modi said : Your Money Is Your’s) you can exchange the money from RBI by providing some set of Documents and Applications as prescribed by RBI till 31st March , 2017 .
There is only Rs 4000 exchange limit of notes per person and if it’s insufficient for you then you can use the other payment options (Electronic Means of Payments) for payment from the balance of your account like :-
- Payment by Cheque
- Credit Cards and Debit Cards
- Internet and Mobile Banking
- NEFT/RTGS /IMPS
- Mobile E-Wallets
In case if amount to be exchanged exceeds Rs.4,000 then it requires a Valid Account Number with Valid Identity Proof for Electronic Fund Transfer.
You can deposit the amount (Rs 500 Rs 1000 Notes) in the Bank Branch in which you have a Account .
ATM’s withdraw limit is Rs 2000 only (per day per card) till 18th November,2016 and from 19th November,2016 the limit will be raised to Rs 4000 (per day per card).
People can only Withdraw Rs.10,000 per day from there Bank Accounts and overall Rs 20,000 per Week.
Till 11th November Midnight you can use the specified notes at Government Hospitals , Railway Ticket Counters , Airports, Government Bus Stands .
Anyone arrives to India from other country carrying the same Indian currency they can exchange that upto Rs 5000 at the Airports only.
How it Helps in building Digital India ?
I think we should thanks our Prime Minister for this decision and support them for the benefit of our Country.
It helps in fighting with the black money and protecting our Country from the terrorists activities.
With limitation in the Withdrawl from Accounts that people can only Withdraw overall Rs 20,000 per week which inturn move people towards the use of Electronic Payment Modes like Internet & Mobile Banking , Credit/Debit Cards and use of the E-Wallets in there Smartphones .
More transparency should be seen if the transaction directly takes place from Bank Accounts.
People learn technology for carrying out there day to day work which indirectly leads to make a ” DIGITAL INDIA “.
Any Other Queries ?
(Control Room , RBI)
Telephone No : 022 22602201 / 022 22602944
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