(Don’t Panic) Exchange Rs 500 and Rs 1000 Notes with Ease [Facts & Features]

12 min read

Exchange Rs 500 and Rs 1000 Notes:The most convenient yet surprising revelations from Honourable PM Narendra Modi so as to scrap money laundering eventually fighting corruption, black money, terrorism as well as counterfeit currency with banning Rs 500 and Rs 1000 rupee notes.

New revealed Rs. 500 and Rs. 2000 notes by RBI (image courtesy : Local press Co)

The respective measures wee taken for the benefits of 100 billion citizens who are dealing with corruption at every step hence giving a big blow on the face of non-tax payers and people owning black money. Closure of ATMs in around the country might be quite hectic for million of people but the already possessed notes can be exchanged from the respective bank branches.

The historic decision made by Mr PM on November 8 during the evening hours, shook the nation thus sending a wave of joy among the public who are against corruption. Thousands of shops, market places, supermarkets, and so on have been given strict directions to not to accept 500 and 1000 rupee notes rather if possessing may exchange it to 100 rupee notes from the nearest branch of their respective banks. As of now, both the notes are valid only till 11th of November, so they public have ample of time to exchange the notes.

How To Exchange 500 and 1000 rupee notes

  • The following procedure is easy but time taking as exchanging their bundle of 500 and 1000 rupee notes to 100 rupee note can be a bit hectic and obviously, entirely unscheduled.
  • Citizens will have 50 days to exchange their notes i.e. from November 10th to December 30th, 2016.
  • Though coming with no limitations yet one can withdraw maximum of Rs. 10,000 at a time and Rs. 20,000 once in a week.
  • One can easily exchange their notes from the bank counters with no time limit as extra counters have been set up for the deposit of Rs. 500 and Rs. 1000 notes.
  • The withdrawal limits will be gradually increased thus providing currency trade mode in quite a liberal manner as compared to before.
  • Those who by any reason could not exchange or deposit notes by December 30th, 2016 will be given an extension up to March 31, 2017 for the respective procedures but only by showing their ID proof.
  • As per government proposal, people can exchange notes till 50 days from Banks, Head branch of Post Office, and Sub-branches of Post Office only after revealing their ID card.
  • Currently, one can exchange only up to Rs. 4000 regarding 500 and 1000 rupee note by November 24, 2016 but later on the limits will be increased from Rs. 4000.
  • Rs. 10 coins are completely legal and can easily be used for trade purposes.
  • Other than this, Rs, 50, Rs 20, Rs. 10 notes are valid and safe for trades and transactions.
  • Exchange of notes will be applicable and valid only in cash forms and no other ways such as Demand Drafts, Cheques, Credit Cards, Debit Cards, etc. is neither permissible nor accepted in banks, or post offices.

The sole motto to discard Rs. 500 and Rs. 1000 notes was to introduce Rs. 500 and Rs. 2000 notes in an entirely new form. People will be given the access to similar notes from November 11th, 2016 where it will be accepted in all departments, sectors and so on.

Further, it is to be noted primarily that Rs. 500 and Rs. 1000 notes have not been discarded yet from Railway platforms and Medical Care or Units, Petrol Pumps as they are considered as 24 hours emergency areas. But still, it is an urge from the government to stop using 500 and 1000 rupee note as it can be easily exchanged from the banks and post offices within minutes.

10 Essential Facts About the New 500 And 2000 Rupee Notes

In the recent event of a ban on high denomination currency notes of 500 and 1000 rupee notes created a hullabaloo among the public. TheUnion Cabinet on Tuesday evening made an announcement regarding the discontinuation of the high-end notes that won’t further be used as legal tender. In replacement, Government has introduced new rupee notes thatare being published at Mysuru, Karnataka. RBI has released the details of newly minted notes. Here are a couple of interesting facts you ought to know about the crispy new notes.

The new 500 rupees notes are very different from the old ones. Here’s a look into some of the features:

  • The RBI is issuing 500 denomination banknotes in Mahatma Gandhi Series with inset letter ‘E’ in both the number panels.
  • The new note will have the signature of Governor Dr Urjit R Patel with Swachh Bharat Logo printed on the reverse of the banknoteand the year of printing – ‘2016’.
  • The new colour of the note is stone grey, and the colour is 66mm x150mm
  • On the back side of the note, you’ll find an image of the Red Fort with Indian flag.
  • A couple of other features you’d observe are a circle with ₹ 500 in the right, intaglio printing of Mahatma Gandhi portrait, bleed lines, Ashoka Pillar emblem, as well as the identification mark to enable the visually impaired person to identify the denomination.

Couple of facts about the 2000 rupees notes:

  • Here are a couple of interesting facts about India’s all new 2000 rupees notes:
  • The new note has a see-through numeral 2000.
  • It’s the highest denomination of currency notes released by the RBI since January 1978. Back then 5,000 and 10,000-rupee notes were published.
  • The colour of the note ismagenta base and (for a big note) it’s small in size measuring only 66mm X 166mm.
  • The denominational numeral 2,000 will be written in the Devnagari script.
  • The portrait of Mahatma Gandhi will be at the centre. And there’ll also be an image of the Mangalyaan, depicting the India’s first venture into interplanetary space, and the logo and tagline ofthe Swachh Bharat Abhiyan.
  • The 500 and 2000 New Notes has written 17 regional languages includes Hindi. Some of the scourers say that number 2 (alphabetically) is written in wrong way in theHindi language.
  • The backside of the 2000 rupee note shows many languages where the similar impression has been printed. But the most unnoticeable thing is the Hindi number written alphabetically which has been imprinted in a wrong manner. The respective note shows the number 2 ( दो ) written as ‘donhazaar rupay (दोन हज़ार रुपये )rather than written as do hazaar rupay (दो हज़ार रुपये ).Also, in the 6th line of the alphabetical pattern in different languages, it is writtendon hazaar rupaya(दोनहज़ाररुपया). But is not Hindi but are written in Marathi and Konkani languages respectively.

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