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Why 500 and 1000 rupee notes banned in india?

India has discontinued (banned) two largest rupee notes of 500 and 1000 on 9 November 2016. The Narendra Modi Government has made a big move against corruption (black money).

How to deposit or exchange my old 500 and 1000 rupee notes

You can deposit your 500 or 1000 rupee notes at your nearest bank or post office accounts. From 10 Nov 2016 till december 30 Dec. 2016 you can exchange or deposit your old currency notes. Initially Exchange limit will be 4000 rs. You need to show your Identification Proof during this process.

Where can I still use my old 500 and 1000 rupee notes?

Following are some of the places where you can still use old 500 and 1000 rupee notes till 11 Nov. 2016

  • Railway, airlines, bus ticket booking counter
  • Hospitals
  • Petrol, Diesel and Gas Station authorised by public sector oil companies
  • Consumer co-operative stores
  • Milk Booths
  • Crematoriums and Burial Grounds

Restrictions of ATM Withdrawl

  • ATM will not work on 9 November and in some places till 10 November 2016
  • For first few days you can withdraw 2000 rs per card per day.
  • Later on you can withdraw upto 4000 rs per card per day.

Instead of old 500 and 1000 rupee notes, RBI will be issuing new 500 and 2000 rupee notes soon.