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November 11, 2016
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4 things you should know to avoid chaos because of Demonetisation



Haven’t completely revived from the recent jolt by the Government of India still now?

People are lining up by the hundreds to get their Rs. 500 and Rs. 1000 bank notes exchanged into other denominations of Indian currency notes. Although it was a pretty bold move by PM Narendra Modi, which by all marks is supposed to better the Indian economy, the citizens are still confused about the actions they are supposed to take in this huge tousle.

At this point of time, knowing all the important announcements and information regarding “what to do with my money” is crucial. To help out anyone who has missed out on certain important instruction, this article will jot down all the necessary directions to follow at present.

  • The reopening of the ATMS from November 11, 2016:
    • All the ATMs will be operational from Friday, November 11, 2016.
    • The ATMs will dispense only Rs. 100 and Rs. 50 banknotes
  • Withdrawal limit
    • ATM
      • The maximum amount of Rs. 2000 per day per card, between 10th to 18th November
      • The maximum amount of Rs. 4000 per day per card, 19th November onwards
    • Banks
      • The maximum amount of Rs. 10,000 per day
      • Overall withdrawal limit of Rs. 20,000 per week by any means
    • Cash-less transactions will follow the same suit as before
  • Acceptance of deposits
    • All the currency notes of Rs. 500 and Rs. 1000 must be deposited in banks by December 30
    • From 31st December onwards till 31st March the banks will no longer accept deposits of the old notes and only RBI specified offices shall accept the notes on providing a valid ID Proof, PAN, and Declaration Form
  • Exchange of old notes for new ones
    • From 10th to 24th November you can exchange your old notes for new ones at the banks or post offices, but no more than Rs. 4000
    • From 25th onwards, the limit of Rs. 4000 shall be removed
    • You’ll need your Aadhaar card, Voter Id, PAN, Passport, Ration card, and so on, to do so.

Although all these information is declared, the restrictions and procedures are subject to review once there is a supply of new “hard to fake” Rs. 500 and Rs. 2,000 currency notes and a stockpile of lower denomination notes, said the government on Wednesday, November 9, 2016.

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