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Everything you need to know about Ban on ₹ 500/1000 notes

News and Press Release - Dated:- 9-11-2016 - The Govt. has decided to discontinue the legal tender character of high denomination bank notes of ₹ 500 and ₹ 1000. In other words, such notes will not be a legal tender from midnight of November 8, 2016. This decision is being made to curb financing of terrorism through the proceeds of Fake Indian Currency Notes and for eliminating Black Money. Key takeaways of this decision are given hereunder: 1. You can exchange old high denomination .....

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dit of money into your Bank account only. 3. Withdrawal from ATMs shall be restricted to ₹ 2,000 per day per card up to 18thNovember, 2016. The limit shall be raised to ₹ 4,000 per day per card from 19thNovember, 2016. 4. You can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹ 10,000 in a day within an overall limit of ₹ 20,000 in a week (including withdrawals from ATMs) up to 24th November 2016. 5. There is no restriction on any kind of payments b .....

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