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Rs 500, Rs 1000 currency notes stand abolished from 11:59 pm of 8.10.2016

                   It has been decided to cancel the legal tender character of the High Denomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI till now. This will take effect from the expiry of the 8th November, 2016.
                   Post offices, banks to open additional counters and extend working hours to accomodate the public. Fake currencies circulation have grown over the years. RBI  launching new currency notes with new designs from November 10. Introducing 2000 rupee note with Mangalyan logo.  A new series of Rs. 500 currency notes also is coming.

The following operational guidelines have been issued:-

  1. Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.
  2. Old High Denomination Bank Notes of aggregate value of Rs.4,000/- only or below held by a person can be exchanged by him/her at any bank
  3. The limit of Rs.4,000/- for exchanging Old High Denomination Bank Notes at bank branches or at issue offices of Reserve Bank of India will be reviewed after 15 days and appropriate notification issued, as may be necessary.
  4. No limit for bank transaction if the account holder complies with the KYC, else , maximum of 50,000/-
  5. Cash withdrawal from a bank account, over the counter will be restricted to Rs.10,000/- subject to an overall limit of Rs. 20,000/- in a week for the first fortnight, i.e., until the end of business hours on November 24, 2016.
  6. There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards,mobile wallets and electronic fund transfer mechanisms.
  7. Withdrawal from ATMs would be restricted to Rs.2,000 per day per card up to November 18, 2016. The limit will be raised to Rs.4,000 per day per card from November 19, 2016 onwards.
  8. Instruction is also being issued for closure of banks and GovernmentTreasuries, on 9th November, 2016.
  9. The bank branches and Government Treasuries will function from 10th November, 2016.
Main points in the PM's speech.

1. All Rs 500 and Rs 1000 are invalid from 11:59pm of 8.10.2016
2. All ATMs will be closed for 9 and 10 October. But no hindrance in net banking.
3.  All other notes and cons are valid.
4. People can deposit back their 500 and 1000 Rs notes in their banks or post office without any extra fee from 10.10.2016 to 30.11.2016 with proper government approved identification proof .
5. From 10.10.2016 to 25.11.2016 there will be provision for exchange of old 500 and 1000 Rs notes in banks and post office with proper government approved identification proof. But the limit of such exchange is 4000 Rs per day.

The following exceptions have been provided for the usage of Rs 500 and 1000 notes till 11:59pm of 11.10.2016:
1. All hospitals
2. Pharmacy(provided the medicine is bought with certified doctor's prescription )
3. Government bus ticket counters
4. Railways ticket counter
5. All domestic and international flight ticket counter
6. Petrol bunks
7. Crematoriums
8. Central Government outlets

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