How to deal with Rs 500 and Rs 1,000 currency notes ban?
In a bold move, today prime minister Shri Narendra Modi announced that Rs. 500 and Rs. 1000 notes cannot be used as legal tender from midnight 8th Nov. 2016. The main point is handling this crisis calmly until next week or so until things settle down a bit.
ATMs will not work for the next two days and banks the next day as they prepare themselves for this transition. Thankfully, we can still buy petrol with these notes until Nov. 11th. But they may not accept these notes – they will anyway have to give it to the bank!
To handle this suddenly development calmly
- We need to first scrounge around for Rs. 100, Rs. 50. Rs. 10 Rs. 5 notes and coins to pay for small transactions in the next few days. We just finished checking the money in Kids piggy bank – where we put some money every now and then to be periodically deposited into their bank accounts
- Use debit or credit card as much as possible. Offer to do a bank transfer.
- Avoid going to banks or ATMs for the next few days if possible. Expect long queues perhaps in fear! Same for petrol bunks.
- Lend some cash to your maid, driver, watchman, etc.
- Provide exact change to shops that do not take credit / debit cards.
- To avoid inconvenience to the public for the first 72 Hours, Old High Denomination Bank Notes will continue to be accepted at Government Hospitals and pharmacies in these hospitals/Railway ticketing counters/ticket counters of Government/Public Sector Undertaking buses and airline ticketing counters at airports; for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of Public Sector Oil Marketing Companies and for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount.