Why PM has banned #Rs500 & #Rs1000 rupee notes in India?

Your questions about the ban on Rs500 & Rs1000 rupee notes are here with the best possible answers.

Team of LTR has found every possible answers for your questions related with this instant ban on Rs 500 & Rs1000. You can relax yourself if you are not holding any black money. But there are thousands of people who are going to suffer and will be caught red handed.

1. Why this Ban?

Ans: In the recent decade fake Indian currency notes had increased and illegal activities were conducted in the country. But now since big currency notes are no longer legal so circulation of fake notes and black money is going to Rest in peace.

2. What is this ban on Rs 500 & Rs1000 ?

The legal tender of Rs500 & Rs1000 rupee notes is withdrawn. As a result thereof withdrawn old high denomination notes can’t be used transacting business &/or store of value for future use. These OHD rupee notes can be exchanged for value at any post office or bank in the country.

3. How much will it cost me?

You will get the same volume of your notes as per RBI rules.

4. How much cash can I get?

People can receive up to Rs4000 per person in cash irrespective of the size of the tender & anything above this amount shall be receivable by the way of credit to bank accounts.

5. Cash of Rs4000 is not sufficient for my expenses, what to do?

You need not to worry because your entire amount that your going to deposit into the banks or post offices will be into your bank accounts and you can use it by cheque or other electronic media of transaction.

6. Where can I go to exchange my Rs500 & Rs1000 notes?

You can exchange Rs500 & Rs1000 notes at all issued offices of RBI and branches of commercial banks or at the post offices or sub post offices as well.

7. Do I need to go to my own branch only for exchange?

No, You can exchange your OHD notes at any branch of any bank with ID proof.

8. Can I use my relatives account to deposit my cash?

Yes, you can deposit your OHD into your relatives accounts after he/she gives you a written permission.

9. Can I withdraw from ATM?

ATMs are non functional for some days but once they are functional then you can withdraw up to Rs2000 per day per card. This is up to 18th of Nov 2016. After this date the limit of withdrawal will be Rs 4000 per day per card.

10. How much cash can I withdraw against cheque?

Yes, People can withdraw Rs 10,000/- in a day using cheque but your weekly limit would be Rs20,000/-( including your ATM withdrawals.)

11. What is the last date to exchange my OHD notes?

30th December 2016 is the last date to exchange OHD notes but even then if you are not able to do this. You can do this after the date with necessary documentation at RBI specified offices.