The sudden announcement by Prime Minister Narendra Modi about the demonetisation of Rs 500 and Rs 1000 notes has left many confused on how to proceed.
Here are 8 points to keep in mind when you exchange your old Rs 500 and Rs 1000 notes:
1. Banks will reopen on Thursday and stay open this weekend to help people swap 500 and 1,000 rupee notes which are now banned, said the Reserve Bank of India.
2. Major banks extend working hrs till 8pm; waive ATM charges – State Bank of India was among the first to announce an extension in banking hours, till 1800 hrs on Thursday. ICICI Bank will be open till 2000 hrs on Thursday and Friday. The bank also introduced a slew of relaxations on the electronic payments or withdrawals front.
3. All charges pertaining to cash deposit into one’s accounts will be waived till November 30 and the fees for transacting at ATMs will also be scrapped till December 31, ICICI said.
4. New series banknotes will be available at banks and post offices from Nov 10; Old notes valid for toll plazas, pharmacies, LPG cylinder, railway catering, tickets for ASI monuments for 72 hrs
5. No toll to be charged on highways across India till midnight of 11th Nov to facilitate smooth traffic after 500 and 1000 rupee notes are scrapped
6. State-run petrol pumps and government hospitals have been warned that they must abide by an order to take the old currency notes till the same deadline
7. The new banknotes of 500 and 2,000 rupee denominations will be available in ATMs starting Friday. At ATMs, there will be an initial daily cap of 2,000 rupees on withdrawal per card, which will be increased to 4,000 rupees within a week.
8. Uttar Pradesh Chief Minister Akhilesh Yadav asked the Centre to allow high denomination currency for expenditure in upcoming marriage season.