Rs. 500 and Rs. 1000 Notes are Banned

Government has banned Rs. 500 and Rs. 1000 notes from November 8, 2016. Prime Minister Narendra Modi on Tuesday announced that Rs 500 and Rs 1,000 rupee banknotes would be withdrawn from circulation at midnight to crack down on rampant corruption and counterfeit currency. What you need to know about the recent currency regulations?

  • Rs. 500 & Rs. 1000 notes are no longer legal tender from midnight November 8, 2016.
  • Rs. 500 and Rs. 1000 notes can be deposited in any Bank or Post office for 50 days; from November 10 to December 30, 2016.
  • Relaxation is there for 72 hours only at hospitals. Govt hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
  • New notes of Rs. 2000 and Rs. 500 will be circulated soon.
  • There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
  • Banks will be completed close on November 9, 2016.
  • All banks will not have regular banking operations on November 10. Banks will only accept deposits.
  • ATMs will not work on November 9 in some places and on November 10, in few places.
  • From November 11, you can withdraw money and ATMs will stop dispensing the existing Rs 500 and 1000 notes.
  • You can also exchange Rs 500 and Rs 1000 notes (by getting back 100s, 50s or lower denominations) at banks, head post offices and sub-post offices.
  • Till November 24 you can exchange Rs. 500 & Rs. 1000 only up to a limit of Rs. 4000

How to Exchange Rs. 500 1000 Notes

Where can I still use my Rs 500, Rs 1000 notes?

November 11, 2016, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:

1. Hospitals
2. Railway, airline, bus ticket booking counters
3. Petrol, diesel and gas stations authorised by public sector oil companies
4. Consumer co-operative stores
5. Milk booths
6. Crematoriums and burial grounds

Where can I get the new Rs. 2000 currency notes?

From November 10, 2016 onwards RBI will issue new currency notes of Rs. 500 and Rs. 2000. These notes will have new design.

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