No Need To Worry For The Ban On Old Notes Of Rs 500 And Rs 1000, These Are the New Guidelines.

Ban on Old Currency Notes Of Rs 500 and 1000

With The Breaking news Of Ban on Old Currency Notes Of Rs 500 and 1000 w.e.f  8^th November 2016, there is a sense of panic and stress among the common Indian men. But we suggest you to worry not, it is all in national interest to fight corruption and black money with also an aim to curb the terrorist activities. The following points should be kept in mind while exchanging and depositing your money in bank.                                                                         

Deposit Old Currency till 30th December, 2016

1)  The old notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.

Cash Transaction Limit

2) The daily transaction limit has been increased to Rs2500 which was earlier Rs2000 for withdrawal from bank accounts.

Exchange Limit

3) Banks and other financial institutes are advised to increase the exchange limit over the counter from the existing Rs 4000 to Rs 4500.

Weekly Cash Limit

4)The weekly limit of Rs.20,000 for withdrawal from Bank accounts has been increased to Rs.24,000. The limit of Rs.10,000 per day has been removed.

Special Arrangement Of Separate Queues

5)Banks have been advised to make arrangements for separate queues for Senior citizens and differently abled persons. Separate queues will also be arranged for exchange of cash to cash and transactions against Bank accounts.

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