As a measure to fight corruption and black money, PM Modiji has banned Rs 500 and Rs 1000 notes from tomorrow. Yes, from 8th November midnight, these notes would not be considered as legal counterfeit, but mere papers. This is just like an emergency period for all of us as all this has happened at a very short notice!
Tomorrow i.e. 9th of November, banks and ATMs will be closed! A lot of new rules have been implemented with the same; let us have a look….
ATM Limits!
The ATM withdrawal limits have gone down drastically and this is surely going to hamper us a lot;
Daily limit- Rs 2000/day!
Monthly limit- Rs 20,000/ month!
This is SAD! Now, people can withdraw just Rs 2,000 per day which is pretty less. How can they manage the transactions daily? Won’t the businessmen be affected due to this?
Exchange rule!
Notes can be exchanged at Banks or Post Office from 10th of November to the 31st of December. However, post 31st of December, you need to submit an application to the RBI for exchanging them and this can be done till the 31st of March 2017. There is an exchange limit too; till the 25th of November, only notes of value Rs 4,000 can be exchanged. Limit would be increased later on.
Notes are valid at some places!
Till the 11th of November, notes would be valid at Airports, Railway stations, petrol pumps and milk centers.
New notes of Rs 2000 and Rs 500 are launched; here’s how they will look now!
The real challenge is tomorrow! Since all banks would be closed and since these notes won’t work, how to make purchases tomorrow?