All the Answer About 500 and 1000 Rupees Notes

I know it’s not our niche but the people and nation are ours. So it’s our duty to clear some facts of our confused brothers and sisters. We all know 500 and 1000 rs notes are getting banned. New 500 and 2000 rupees notes released and 1000 rs note is discontinued.

Now there are a lot of question in our mind why this happened, what is the profit of new note, what should we do with our old notes? Don’t worry you will get the answer of your all question in this single post.

All questions answers on 500 and 1000 note banned

These all answer will clear your mind and you will understand 100% why this happen and what is the future benefit of this action.

Also see : That is why 2000 note will stop black money

1. Why 500 and 1000 notes are banned?

There are many reasons to ban the old 500 and 1000 notes. The biggest reason is corruption whether it's fake 500 and 1000 notes or black money.

As you always see whenever you give 500 or 1000 note to any shop they used to check the note first before accepting your money. Although it is not easy to detect the difference between real and fake note. These fake notes are used for anti-nation activities like terrorism. The country like Pakistan sends fake currency to their terrorist to continue what they are doing in Kashmir.

Hoarding black money, many Indians don’t like to disclose their money so they never deposit the amount to the bank. They keep the money in their house and save the tax and Government of India lose the tax. They hold billion of rupees in their house to save the million rupees tax.

2. Why new 2000 rs note introduced instead of new 1000 note?

The cost of making 1000 rs note was 3 rs and 2000 note will also print at the same price. So instead of printing 2 1000 note for 6 rs, one 2000 rs note at 3 rs will save 3 rs of India.

3. How will new 2000 notes stop black money?

New 2000 note will stop black money to some extent. We all know corrupt people will figure out a way. But let me tell you guys our PM is smarter than these fraud people.

Guys the 2000 note is printed in a limited quantity so one one can store it in a high quantity.
2000 note is more secure so it is very hard to make a copy of it.

Though our government has many options to stop black money and one of them is again banning 2000 note after 2 3 years.

4. Does All old 500 and 1000 rs notes piece of paper now?

No, till 30 December you can deposit all 500 and 1000 Rupees notes to your bank or post office account. But after 30 December all the 500 and 1000 rs notes are just scrap. So you have 50 days to save your money.

5. What if I don't have any bank account?

You can always open a new bank account. Though you can exchange up to 4000rs from any bank or post office by just showing your identity proof.

6. I have a bank account how much I can deposit?

You can deposit all the white money you have in your house. But there is a twist. Suppose you have a saving of 50,000 to  below 2.5 lakh. income tax department will not ask any question.

But if you try to deposit above 2.5 lakhs bank will keep on eye on you and tax department might ask you some question. If they found anything wrong they will fine you 200% of the payable tax by the account holder. More than that his case will be treated as tax evasion.

7. What is the last date to deposit the money? 

Till 30 December you can deposit all your white money. if you fail to deposit the money to 30 December you will have to visit RBI branch. After that all old 500 and 1000 note worth nothing in your pocket. 

8. How much money I can exchange and what is the last date?

Till 24 November you can exchange up to 4000 rs by showing your id proof.

9.  How much money I can withdraw from ATM's?

From 10 November you can withdraw up to 2000 rs per day. But this limit will raise to 4000 rs per day per card from 19 November.

10. 4000 Rs per day is not enough for me how can I withdraw more?

You can withdraw 10,000 rs per day from your bank account or post office account. Overall limit is 20,000 you can't withdraw above 20,000 rs per week including your ATM's withdraw. Don't worry limit will increase when everything settles down.

11. Can I deposit old notes through cash deposit machine/ cash recycler?

Yes, you can deposit all your old 500 and 1000 rs using deposit machine and cash recycler. But let me remind you again the last date is 30 December. 

12. Which id proof will work to deposit or exchanging money?

Any id proof will work which is issued by the government of India. Like Voter id, Passport, Aadhar card, PAN card, Driving license and NREGA card etc.

13. I am out of the city I have money can I deposit it into any bank?

Yes, you can deposit the money into any branch of your bank. For example, You have an account in  PNB bank of Nehru place Delhi branch. Now you can deposit the money into any branch of PNB in India.

14. Can I use my 500 and 1000 rs note if I don't get new notes?

For 1 2 days, you might face trouble to get 500 or 1000 rs note. Though you can still use your 500 and 1000 rs note on hospital, railways, bus, petrol pump or any other government departments. You can use these note till 11 November after that these all notes have to be deposited else it will become just a piece paper.

Hope I have answered you're all questions and confusions, if you have more doubt you can comment below. I will definitely give you the reply and also add your question to this list.