Rupee notes of 500 and 1000 No Longer Legal Tender in India
Indians shocked as Government declares Rs. 500 & Rs. 1000 Currency Notes Illegal
Latest news on India overnight currency ban of high value currency notes effective
immediately . . .
NRI bank accounts in India are safe
The Government of India surprise announcement caught Indians across the country with surprise when it was announced late in the evening on November 8, 2016 effective midnight Rupees 500 & Rupees 1000 Indian currency notes would no longer be legal tender. Prime Minister Modi in his address to the nation declared that these notes will only be papers from tomorrow. Apparently the move to immediately ban high value currency notes was made in an effort to combat counterfeiting & black money in India. Highlights of Currency Ban Announcement • Currency notes of Rs 500 and Rs 1000 denominations will as of today November 9, 2016 not be legal in India. • Banks will be closed across India on and ATM’s across India will not work on November 9, 2016. • Up to Rs. 4000 can be exchanged on a cash for cash basis at Indian banks up to November 24, 2016. [Change discontinued notes for new notes] You must show PAN Card & Aadhaar for such an exchange. After Nov 25 this limit will be raised. • New Indian currency notes of Rs 500 and Rs 2,000 denomination will be released and available from banks & ATM’s in India from November 10, 2016. • For a few days only up to Rs. 2000 can be withdrawn from ATM’s. This will be increased to Rs. 4000 later. The withdrawal limit for ATM will eventually be fixed at Rs. 10,000 per day with a limit of up to Rs. 20,000 per week. • Those who have the banned currency notes of Rs 1000 and Rs 500 can deposit them in their banks from November 10 till December 30, 2016. • Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof at specified Reserve Bank of India locations. • Tourists can change notes at airports. There appears to be a limit set for this at Rs. 5000 • All other denominations such as Rs. 100, Rs. 50, Rs. 10, Rs. 5, Rs. 2 and Re. 1 as well as coins will continue in circulation unaffected. NRI Bank Accounts NOT effected by Currency Ban of High Denomination notes NRIs & PIOs need not worry about money in their NRI accounts as this money is safe. The only inconvenience would be that they can for the time being only withdraw a limited amount of money in the form of currency notes from their bank accounts. Cheque transactions are fine and have no limit.
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accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has
been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail.
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Rupee notes of 500 and 1000
No Longer Legal Tender in
India
Indians shocked as Government
declares Rs. 500 & Rs. 1000 Currency
Notes Illegal
Latest news on India overnight
currency ban of high value currency
notes
effective immediately . . .
NRI bank accounts in India are safe
The Government of India surprise announcement caught Indians across the country with surprise when it was announced late in the evening on November 8, 2016 effective midnight Rupees 500 & Rupees 1000 Indian currency notes would no longer be legal tender. Prime Minister Modi in his address to the nation declared that these notes will only be papers from tomorrow. Apparently the move to immediately ban high value currency notes was made in an effort to combat counterfeiting & black money in India. Highlights of Currency Ban Announcement • Currency notes of Rs 500 and Rs 1000 denominations will as of today November 9, 2016 not be legal in India. • Banks will be closed across India on and ATM’s across India will not work on November 9, 2016. • Up to Rs. 4000 can be exchanged on a cash for cash basis at Indian banks up to November 24, 2016. [Change discontinued notes for new notes] You must show PAN Card & Aadhaar for such an exchange. After Nov 25 this limit will be raised. • New Indian currency notes of Rs 500 and Rs 2,000 denomination will be released and available from banks & ATM’s in India from November 10, 2016. • For a few days only up to Rs. 2000 can be withdrawn from ATM’s. This will be increased to Rs. 4000 later. The withdrawal limit for ATM will eventually be fixed at Rs. 10,000 per day with a limit of up to Rs. 20,000 per week. • Those who have the banned currency notes of Rs 1000 and Rs 500 can deposit them in their banks from November 10 till December 30, 2016. • Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof at specified Reserve Bank of India locations. • Tourists can change notes at airports. There appears to be a limit set for this at Rs. 5000 • All other denominations such as Rs. 100, Rs. 50, Rs. 10, Rs. 5, Rs. 2 and Re. 1 as well as coins will continue in circulation unaffected. NRI Bank Accounts NOT effected by Currency Ban of High Denomination notes NRIs & PIOs need not worry about money in their NRI accounts as this money is safe. The only inconvenience would be that they can for the time being only withdraw a limited amount of money in the form of currency notes from their bank accounts. Cheque transactions are fine and have no limit.
