Updated By: LatestGKGS Desk
Solution of Rs.500 and Rs.1000 notes ban by PM Narendra Modi
Bank to accept Rs.500 and Rs.1000 notes with ID proof from their account holder
Prime Minister Narendra Modi bans Rs.500 and Rs.1000 notes all over the country from midnight 8th November 2016.
People need to deposit Rs. 500 and Rs.1000 note in bank or post office accounts from 10th November to 30th December 2016 without any limit.
There is also a limit to the withdrawal of Rs.10,000 per day and Rs.20,000 per week and this will be increased after some time.
The people will be able to submit Rs.500 and Rs.1000 note while showing ID proof.
The limit for showing this is Rs.4000 upto 24th November 2016
There is no restriction on cheques, demand drafts, debit and credit cards and electronic fund transfer.
On 9th November 2016 and in some places on 10th November 2016 ATMs will be closed.
On first few days there will be a limit of Rs.2000 per card per day and will be raised to Rs.4000 in few days.
