PM Narendra Modi dropped a proverbial bombshell on Tuesday by announcing that Rs. 500 and Rs. 1000 currency notes will be demonetised as of midnight. While the Prime Minister announced that banks will accept these notes for a fixed amount of time, many have been turning to the Reserve Bank of India (RBI) to figure out the fineprint of how the exact process will roll out. There’s just one problem – the Reserve Bank of India website seems to have crumbled under the load.
Multiple attempts to access the Reserve Bank of India website by Gadgets 360 between 10:30pm and 11:20pm IST on Tuesday night were greeted by the “Cannot find server” message, which indicates the RBI website cannot handle the heavy demand. Now, sure, this can also be the result of a scheduled maintenance, but you would typically see a “This website is under maintenance” kind of a message from a website like the Reserve Bank of India, instead of an error message like this.
While we wait for the RBI website to be accessible again, here’s some basic information about the Rs. 500 and Rs. 1000 notes that became clear from PM Narendra Modi’s speech on Tuesday.
What you need to do with your Rs. 500 and Rs. 1000 notes:
- Deposit them at the bank or post office from November 10 to December 30
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs. 4000
- Take Aadhaar card and Pan Card when you go to exchange notes
- After December 30, these can be deposited at the Reserve Bank with a declaration
- Tourists can change the notes at airports
Your Rs. 500 and Rs. 1000 notes be accepted till November 11 at:
- Petrol Pumps and government hospitals
- Railway, airline, government bus ticket booking counters
- Consumer co-operative stores run by state or central government
- Milk booths authorised by state governments
- Crematoriums and burial grounds