Moneycontrol BureauIn a bold move to curb counterfeit currency and a renewed push to tackle black money, the government has decided to scrap Rs 500 and Rs 1,000 notes. The decision is unprecedented but here are the measures the government has introduced to mitigate any problems a common man would face.
What you need to know:
Beginning November 9, Rs 500 and Rs 1,000 will be considered invalid. These notes can be exchanged at banks and post offices till December 30, 2016, by providing relevant identity documents such as — PAN card— Aadhaar — Voter ID card
Some ATMs will not be operational in some banks on November 9 & 10
Till November 11, government hospitals, petrol pumps, retail outlets, crematoriums and cemeteries will accept these notes. They will maintain a log of all cash transactions made.
You can still transact using cheques, DDs, credit and debit cards.
If you fail to exchange notes till December 30, 2016, the same can be done till March 31, 2017 by providing an ID proof.
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