As the Prime Minister Narendra Modi said, 500 and 1000 Rupees notes will be just paper from 9th onwards. As a move to stop black money in India, banning of 500 and 1000 Rupees note were announced by the PM. The big question arising out of this is ” How can I exchange the 500 and 1000 Rupees notes?” and “Till when the exchange time is available?”.
Let’s see this one by one.
Although 500 and 1000 rupees notes are banned, they can be used for the next three days in Hospitals, ticket exchange counters etc. That means you can still use them till 11th November 2016.
Now, let’s see the method to exchange 500 and 100 rupees notes.
Exchanging your 500 and 1000 Rupees Notes
Where can I exchange the Notes?
You can exchange 1000 and 500 rupees notes in Banks and post offices.
What is the procedure to exchange?
The procedure to exchange notes is not yet available. You will have to handover the money to bank. If the money is in small number, you will be getting 100 Rupee notes. Else the chances are the money will be deposited in your bank account.
It has to be seen that any verification like Aadhar verification will be made while carrying out the exchange process.
Till when I can exchange the notes?
You will get 50 days time period starting from 10th November to 31st December for exchanging the money through post offices and banks.
That’s all about exchanging your old 500 and 1000 notes through banks and post offices. You will have to wait till 10th November for this.
New 500 and 1000 Rupees notes will be available soon in the economy.
Anyway this is a great move from the Prime Minister and RBI to curb black money, which is pushing our economy backward.