Wednesday, 9 November 2016

RS 1000 & 500 Notes Banned: New Notes Withdrawal Limit is RS. 25,000/week

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Many cash based economies are victims of counterfeit currencies and India is was of them. India is emerging as a powerful economy and to speed up its growth Hon’ble Prime Minister Shri Narendra Modi took a historic decision to curb mobility of fake RS. 500 and RS. 1000 notes. PM Narendra Modi announced on November 8 the withdrawal of existing 500 and 1000 rupees notes across the country. This decision has been taken to curd counterfeit currency menace. Though this decision would certainly benefit India in its future but currently it has created an unrest among its people.
RS.500 and 1000 Notes Banned
A large percentage of people do not know what to do with RS. 500 and RS. 1000 notes. Some are going to petrol pumps to unnecessarily fill fuel tanks; interestingly, some fuel stations are filling fuel equivalent to notes due to lack of RS. 100 notes, and some are booking travel tickets unnecessarily.
November 10 would be dramatic for many of us; who are planning to exchange or deposit their money to their bank accounts, and hectic for banks.
Reserve bank of India has advised banks to recall retired employees; if needed, to make banking operations smooth for customers. RBI has also made it clear that there will not be any deposit limit but withdrawal limit is set to RS. 25,000 per week, including ATM withdrawals, up to 24 November 2016 after which these limits will be reviewed.

Present Withdrawal or Exchange limits:

  • RS. 2500 per card per day up to 18 November 2016
  • RS. 4500 per card per day after 18 November 2016
  • RS. 4500 per person for exchange of notes irrespective to amount of deposit at counters.
  • There are no such limits on non-cash transactions Therefore, you can perform important transactions through these transaction mediums such as Electronic Fund Transfer, Wire Transfer and the like.

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