What To Do With Notes Of Rs. 500 And Rs. 1000

HIGHLIGHTS

1. Exchange Rs. 500, Rs. 1000 notes at banks, post offices till Dec 30
2. Citizens must present Aadhar card and PAN card to exchange old notes
3. After Dec 30, old notes can be exchanged at RBI with a declaration

 NEW DELHI :To stop the spread of counterfeit notes, which is aiding terror activities from across the border, the government has decided to scrap the notes of Rs. 500 and Rs. 1000, Prime Minister Narendra Modi said today. Starting midnight, these notes will only be "worth the paper they are printed on," he said.

A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.

There will be no change in any other form of monetary exchange -- cheque, DD, payment via credit or debit cards, he said.

Here's what you need to do with your Rs. 500 and Rs. 1000 notes.

1. Change them at the bank or post office from November 10 to December 30
2. Take Aadhaar card and Pan Card when you go to exchange these notes
3. After December 30, these can be changed at the Reserve Bank with a declaration
4. Tourists can change the notes at airports

This content took from ndtv.com

PM address LIVE: Whoosh! Modi makes black money disappear; kills Rs 500, Rs 1,000 notes

Here are the steps taken by government to make this transition as smooth as possible, says the prime minister

1. People holding old notes can deposit these notes to bank and post offices from 10 November - 30 December. And there is no limit on the amount that a customer can deposit. 

2. There is a limit imposed on all card withdrawals - Rs 2,000 daily and which will be later increased to Rs 4,000 daily. 

3. Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value

Original post found in firstpost.com