New currency notes in India: What you must know Rs 500, 1000 notes

Narendra Modi 500 1000 Notes Demonetized 5

New currency notes in India: What you must know Rs 500, 1000 notes

What will happen to the old Rs 500, 1000 notes?

You have 50 days, from November 10 to December 30, to deposit Rs 500 and Rs 1,000 notes in any bank or post office. An ID proof like Aadhar Card, Passport, Bank Pass Book will have to be presented while depositing the notes.

The money thus deposited in an account will remain with the account holder.

What will be the changes in ATM transaction limits?

For the first few weeks after November 8, one can only withdraw Rs 2,000 at a time from an ATM, Rs 4,000 in a day and Rs 20,000 in a week.

ATMs in the country will NOT work on November 9, and, at some places, on November 10.

What about emergency services?

From 72 hours from midnight of tonight i.e. till the midnight of November 11, government hospitals, railway and government bus counters, airline ticket counters, milk booths, petrol/diesel/CNG pumps, state co-operatives, crematoria and burial grounds will continue to accept old notes.

Will there be a change in other forms of transaction?

There is no restriction on non-cash payments, including transactions by cheques, demand drafts, electronic fund transfers, debit and credit cards.

Will Rs 100 be the new highest denomination?

New notes of Rs 2,000 and Rs 500 will be circulated soon.

When will the new currency notes be available?

New Rs 500 and Rs 2000 denomination notes will be available from November 11. No new Rs 1000 notes will be issued by the Reserve Bank of India.