Demonetisation: How Will It Affect You?

Demonetisation: How Will It Affect You?

Announcing the discontinuation of existing Rs 1000 and Rs 500 notes with effect from Nov. 8 2016 midnight, the government has outlined following steps to make it easier for citizens for the transition:

1. For the next 72 hours —

  • Government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payments.
  • Ticket booking counters of railway, government busses and airlines counters at airports will accept the old notes for purchase of tickets.
  • Petrol, diesel and gas stations authorised by public sector oil companies to accept old notes.
  • Consumers cooperative stores authorised by state or central government, state government authorised milk booths will accept the old Rs 500 and Rs 1000 notes.
  • Crematoria and burial grounds will also accept the old notes.

2. In order to exchange the old notes, public can —

  • Deposit the old notes of Rs 500 and Rs 1,000 in banks or post office accounts from November 10, till December 30, 2016 without any limit.
  • There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
  • ATMs will not work on Nov 9 -10, 2016.
  • In the first few days there will be a limit of Rs 2,000 per day per card. This will be raised to Rs 4,000 later.
  • Exchange old notes of Rs 500 and Rs 1,000 at any bank or head post office or sub-post office amounting to Rs 4,000 while showing ID proof up to November 24, 2016.
  • No restriction of any kind of non-cash payments by cheque, demand draft, credit cards and electronic fund transfer.

More information is available at http://www.rbi.org.in and http://www.rbi.org.in or one can mail to the RBI control room at publicquery@rbi.org.in or just dial 022-22602201/22602944.

Sharath K.S

Sharath K.S

Founder & MD at Comet Career Group
Person with a vision to make OhCampus.com as Students Welfare Programme to help them to empower their career. He leads the product management, operations and counselling teams.
Sharath K.S
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