This is one of the biggest decision taken by Indian prime minister Narendra Modi to minimize corruption. Yes, you heard it right! From today midnight 8 November 2016, Rs 500 & Rs 1000 notes will be illegal and you can’t use them in market.
Table of Contents
- 500 and 1000 Notes Exchange Form Download
- I have only 500 & 1000 Notes, what should I do now?
- Regarding ATM Withdrawal
- New 500 Rs Note Look Revealed
- Why government didn’t banned 100 Rs note?
- Top 4 Reasons why Government banned 500, 1000 Notes
- Don’t have cash? Then try out these tips
- Notes embedded with GPS sensors, is it true?
- And…Some funny Whatsapp Jokes
- Sharing is Caring!
Thing you need to know about 500 Rs & 1000 Rs ban
- You can deposit your 500 & 1000 Rs notes in nearest bank before 30th December 2016.
- It’s not mandatory to submit money in your bank branch. You can deposit in any bank in your area.
- Don’t have bank account? Don’t worry! You can use your friends/relatives account for note exchange.
- If you fail to deposit money within time frame, you can still collect money till 31st March 2017.
- Rest of the currency like 5 Rs, 10 Rs, 50 Rs, 100 Rs will be still valid and you can use it for transaction.
- Currency exchange using cheque or DD will continue to work as usual.
- Till 11th November, all government hospitals, railway counters, canteens, airports, major bus depots will accept the 500 & 1000 Rs notes.
- With this move it is estimated that 1.25 lakh crore worth black money will be recovered.
- Very soon, 500 Rs & 2000 Rs notes will be circulated. Note that there is no news regarding existence of new 1000 Rs currency.
How to deposit 500, 1000 Rs notes?
- You will need valid PAN card, Adhaar card or any government issued identity card.
- Visit your bank and deposit the money by filling up simple form. Refer to the picture given below.
- You can transfer only 10,000 Rs in a day.
- You can deposit only 20,000 Rs in a week.
- If you are travelling across foreign countries, then notes can be submitted at Airtports too.
500 and 1000 Notes Exchange Form Download
Download 500 and 1000 notes exchange form from here.
How to fill the form?
Write name & branch of the corresponding bank. Fill in your name with capital letters. You must carry original identity proof & tick appropriate option in above form. Then write the unique identification number of document in form. Put number of notes & their total value in denomination field. Finally do your signature, write place, date & submit the form.
I have only 500 & 1000 Notes, what should I do now?
Don’t panic! This is a matter of just 3-4 days. Many of you will face difficulties but you can try out this solution:
- Take your banned notes & submit them in your bank account.
- Then go to ATM & withdraw 2000 Rs.
- Need even more money? Then just split money into 2-3 accounts & withdraw 2k from ATM’s.
Regarding ATM Withdrawal
- Until 18th November 2016, you can only withdraw 2000 Rs per day per card.
- After 19th November, limit will be increased to 4000 Rs per day.
- Eventually, this withdrawal limit will go on increasing.
New 500 Rs Note Look Revealed
Why government didn’t banned 100 Rs note?
You know, almost 86% of currency worth has been occupied by 500 Rs & 1000 Rs notes. Means rest of notes like 50 Rs, 100 Rs constitute only 14% of total worth. So changing 86% of currency can have major effect of black money and that is the reason why Indian government banned only 500 & 1000 note.
Top 4 Reasons why Government banned 500, 1000 Notes
- Recently use of fake notes have increased. They are being used for illegal stuffs.
- Terrorists are using these high valued fake currency. Because of this historical move, terrorists won’t be able to use that money.
- To restrict the usage & circulation of black money.
- It will have huge positive impact on Indian economic development.
Don’t have cash? Then try out these tips
Many people are facing problems while paying at Petrol pumps and other physical stores because of note banned in India. Not to worry! Because here are some smart solutions:
Depending on location, some petrol pumps including HP are accepting payment via Paytm wallet. So, you just add some money in paytm through their app or website. Use coupons given here for extra cashback.
Then just scan the barcode at petrol pump using paytm scanner and there you go! Now you can travel cashless & pay anywhere with just a one click.
Not just paytm, but there are many other options available like Freecharge, Oxigen wallet, Mobikwik etc.
Notes embedded with GPS sensors, is it true?
It might be rumor as PM Modi didn’t clarified this in his last speech. I saw a message on whatsapp regarding this so I will share here in short.
- Rs 2000 notes will have NGC (Nano GPS Chips)
- They are passive meaning doesn’t require external power source for working.
- It acts as signal reflector and satellite can accurately track note even if it is kept below 120 meters ground.
- If large amount of notes get tracked, the information will be passed through income tax department and it will be easy to take action against black money.
And…Some funny Whatsapp Jokes
Lots of funny whatsapp messages are now circulating in groups about 500 Rs not ban in India. Here are few of them:
If Modi government has guts, then ban this note 🙂
I was about to pay money – Vijay Mallya
First time my wife called me and told how much money she had! She was too frightened. Thank you Modi Ji – Indian husband
First time I realized, Prime minister has these many rights – Manmohan Singh
Those who don’t have black money are now reading this message on whatsapp. Rest are counting the notes 😉
We don’t have any problem unless and until 10 Rs note gets banned – frustrated engineer
Freshers needed for exchanging notes in bank – Sharad Pawar
American counting votes, Indians counting notes!
Police : Do you have license?
Me : No
Police : You have to pay 100 Rs fine.
Me : Take this 500 Rs and let me go!
Tomorrow there will be India’s biggest campfire event at Baramati – Sharad Pawar
Please let me go, I want to exchange notes – Chhagan Bhujbal
Samsung is not only one to take notes back.