You can deposit old 500 Rs and 1000 Rs notes to banks or post office
accounts in 50 days. You can deposit from 10th November 2016 to till
30th December 2016.
There is no limit of depositing the money into your bank account. Intially there will be a limit of amount withdrawal from banks and ATM. You can exchange old 500 and 1000 rupee notes to any bank, post office by showing your identity proof like PAN card, Aadhar card etc.
Government hospitals, railway stations, bus stations, air ticket booking counters, petrol pumps, gas stations, consumer co-operative stores, chemists will continue to accept old Rs 500 and Rs 1000 notes for payment and booking for the limited period of time.
All other notes and coins will continue to remain valid and work same.
Only existing 500 Rs and 1000 Rs notes will be invalid. The government will issue new 500 Rs and 2000 Rs notes
What are the benefits of existing 500 Rs and 1000 Rs notes invalidated?
1. It is one of the big decision taken by the Indian government to fight against corruption, black money, terrorism and counterfeit currency.2. It is also a big decision to account all existing Rs 500 & Rs 1000 notes.
3. It helps to stop the circulation of the large volume of counterfeit currency.
4. It helps to stop tax evasion problems.
5. It helps to promote using of digital money and cashless transaction.
