Not To Worry, Indian Currency Notes Banned Can Be Exchanged
You might know by now the master stroke by Indian Prime minister of banning INR 500 & INR 1000 currency note. Also Wef from 9th Nov 2016, INR 500 and INR 1000 notes are not a legal tender anymore and render zero value. Furthermore this is a step taken by PM Modi to curb the menace of black money in India. Therefore is is making a lot of confusion among the general population in India and travelers too. However do not worry, Indian currency notes banned can be exchanged.
So the big question is what to with the INR 500 and INR 1000 notes currently in possession? Is my money lost or of no use at all? let me answer all these questions for my fellow travelers.
Here’s what you need to do with your 500 and 1000 rupee notes.
- You can deposit them at the bank or post office from November 10 to December 30
- You can exchange them from a bank or post office till 24 November. The limit for exchange is set at Rs.4000
- Take Aadhaar card and PAN Card when you go to exchange notes
- Post December 30, these can be deposited at the Reserve Bank with a declaration
- Also “Tourists can change the notes at airports”
Your 500 and 1000 rupee notes be accepted till November 11 at
- Petrol Pumps and government hospitals have to accept the notes
- Railway, airline, government bus ticket booking counters will be accepting notes
- Consumer co-operative stores run by state or central government
- Milk booths authorized by state governments
- Crematoriums and burial grounds will accept notes
Now these are the few basics that you can keep in mind while dealing with the recently dropped 500 INR & 1000 INR. More extensively my fellow travelers traveling from abroad can keep few more things in mind to avoid hassles during their trips.
You can load your travel card with Indian Rupees and use that for all transactions in hotels, restaurants, malls etc. Furthermore card payments are accepted in almost all of Indian cities at majority of places.
Get Local Currency Exchanged
Get your local currency exchanged to INR at the currency exchange kiosks in your country or in India. Opt for notes with lower denominations of INR 500 and INR 100. You can exchange amount (existing notes) upto INR 5000 into foreign currency at the airports upto 11 Nov 2016.
ATM Withdrawal Limit
The limit for ATM withdrawal is set currently to INR 2000 a day. This will be revised to INR 4000 a day post November 19th. This is as per the current information. The trick here is to opt for money not in the multiples of 500, that way you would get some INR 100 notes as well.
Also if you’ve got any more such tips in mind for the benefit of the travel community, also make sure to leave a comment and I will update the article as needed. Furthermore if you have any query please leave a comment at the end of the page.