500 and 1000 Notes Banned: New Indian Currency Series Issued
Recently, Government has demonetized 500 and 1000 denomination notes in India with effective 9 November 2016. This decision was taken due to the increment in money laundering in India. So this simply means that your rs. 500 or rs. 1000 are no longer valid to make market purchase or exchange for goods and services.
In addition, RBI has also introduced new 2000 rs w/e 11th November 2016. This new rupee note looks pretty decent.
The recent act by Indian government is a revolution in itself. Not only this act will bring black money owners but it will help a lot of poor and needy people financially. I will decrease corruption, terrorism and counterfeit currency.
Important Rules To Follow By RBI
- Deposit all old notes of 500 and 1000 denomination to bank and get new series notes in exchange.
- Maximum rs.4000 can be exchanged per day, special bank team will be organised for overtime work.
- You can withdrawal a total of rs.10,000 daily and rs.20,000 weekly from banks or ATM combined.
- Exchange all your old 500 rupees note and 1000 rupees notes before 30th December 2016.
- ATM operations closure on 9th and 10th November and same for the all Banks in India.
- Only rs.2000, rs.100, rs.50, rs.10, rs.5, rs.2, rs.1 and coins can be use to purchase goods and services until you get new 500 and 1000 series bank notes.
New 500 Rupees Note First Look