On the 8th of November 2016, the Prime Minister of India, Narendra Modi announced the demonetisation of Rs 500 and Rs 1000 notes in an effort to curb the escalation of black money that has plagued our country. The aftermath of this announcement was a massive number of people rushing to the banks and ATMs to exchange and withdraw money. Several are still muddled about the rules set by the RBI about depositing and exchanging money in banks. In this article we will guide you through these rules and regulations, so that there are no further misconceptions while withdrawing or exchanging money.
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