Rs 500, 1000 Notes Banned, Know Terms & Conditions

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.

Thing you need to know about 500 Rs & 1000 Rs ban

1. You can deposit your 500 & 1000 Rs notes in nearest bank before 30th December 2016.
2. If you fail to deposit money within time frame, you can still collect money till 31st March 2017.
3. Rest of the currency like 5 Rs, 10 Rs, 50 Rs, 100 Rs will be still valid and you can use it for transaction.
4. Currency exchange using cheque or DD will continue to work as usual.
5. Till 11th November, all government hospitals will accept the 500 & 1000 Rs notes.
6.  With this move it is estimated that 1.25 lakh crore worth black money will be recovered.
7. 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?

1. You will need valid PAN card, Adhaar card or any government issued identity card.
2. Visit your bank and deposit the money.
3. You can transfer only 10,000 Rs in a day.
4. You can deposit only 20,000 Rs in a week.
5. If you are travelling across foreign countries, then notes can be submitted at Airtports too.

from SpyCoupon http://ift.tt/2fd69rV
SOURCE- spycoupon

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