500, 1000 Currency Notes Discontinued; How to change the notes before 30th Dec 2016


The most discussed news of the hour is the ban on 500 and 1000 rupees notes. Prime minister Narendra Modi has in his speech on 8th of November 2016 declared that the 500 notes and the 1000 rupees notes will be banned from the market and new notes will take over them. While the 500 notes are here to stay, the 1000 rupees notes will become obsolete from the onset of 9th November 2016. However, citizens having these notes need not worry, as they can exchange the 1000 and 500 rupees notes from the nearest bank within 30th of December 2016.

How to change the currency

Image Credit : NDTV.com

How To Change 500 and 1000 notes in Bank & post Office?

Well, the biggest question of the hour for the common man is how to change the 500 and 1000 rupees notes. Well, with the 500 rupee note ban and the 1000 rupee note ban coming into effect from 9th of November 2016, people will have to change these notes at the earliest possible. To exchange 500 rupee notes and also to exchange 1000 rupees notes, one will have to visit the banks and the post offices at the earliest possible. One can exchange 500 notes from bank or post office by 30th of December. Those who would fail to exchange 1000 rupee notes and also 500 rupee notes by 30th December of this year, will have to carry their PAN card and Aadhar Card to exchange them. The tourists can change these notes at the Reserve Bank with a declaration Tourists can change the notes at airports.

Although the 500 rupee notes and the 1000 rupee notes ban is initiated right from 9th of November, there are yet a few sectors that the government has left out of the ban till 11th November 2016. These sectors include the likes of petrol pumps, airlines, railways, government hospitals, bus tickets, milk booths, burial grounds, and crematoriums. Consumer co-operative stores run by the state or central government are also kept aloof the ban. 

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