One of the Big Step Taken by Indian PM Narendra Modi to Curb the menace of Black Money by Declaring Both Rs 500 cand Rs 1000 Currency note invalid from Nov 9th. The Declaration Comes on the Night of (at 9 pm, IST , Nov 8th).
From Nov 9th , 2016 onward the Rs 500, and Rs 1000 Currency notes will be treated as a piece of Paper. It will not have any Legal tender. The Only option is that These notes are only Accepted at the Financial Institutions like Banks and Post offices.
So If you have any or many of these currency notes i.e of Rs 500 and Rs 1000 denominations , You just have to deposit it to the Banks or Post Offices Starting From November 10th 2016 to December 30th )
The Banks and ATM's will be Closed on Nov 9th . The Online Transactions will be continue as usual. There might be 1 more day of shut down for the ATM's i.e on 10th.
For those Who are not able to deposit Rs 500 and Rs 1000 Currency Notes within the Time Frame of Nov 10th , 2016 to December 30th 2016, they can deposit at the designated branches of Reserve Bank of India (RBI) before till March 31st, 2017.
What will happen to Rs 500 and Rs 1000 Indian Currency Notes ?
What To Do if You have Rs 500 or Rs 1000 Currency Notes ?
Well as per the Govt . Of India Notification , the Rs 500 and Rs 1000 notes will not be accepted from November 2016. All these denomination of Currency i.e Rs 500 and Rs 1000 notes will be traded as worthless piece of Paper only.So If you have any or many of these currency notes i.e of Rs 500 and Rs 1000 denominations , You just have to deposit it to the Banks or Post Offices Starting From November 10th 2016 to December 30th )
The Banks and ATM's will be Closed on Nov 9th . The Online Transactions will be continue as usual. There might be 1 more day of shut down for the ATM's i.e on 10th.
For those Who are not able to deposit Rs 500 and Rs 1000 Currency Notes within the Time Frame of Nov 10th , 2016 to December 30th 2016, they can deposit at the designated branches of Reserve Bank of India (RBI) before till March 31st, 2017.