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.