The current notes of Rs 500 and Rs 1000 will no longer be valid from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation. Instead, notes of Rs 2000 and a newly designed Rs 500 are being introduced.
Here are highlights from his speech
– From midnight, notes of Rs 500 and Rs 1000 will cease to be legal tender.
– Citizens will have 50 days — between November 10 and December 30 — to give in notes of Rs 1000 and 500 at post offices and banks.
– Those unable to submit all their old currency notes within the deadline, will be able to do so at the Reserve Bank of India up till March 31, 2017 by providing a declaration.
– ATMs will not function on November 9, and on November 10 in some places.
– For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes.
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Take a look at the new Rs 500, Rs 2000 notes to be circulated soon
Here’s what you need to know and do in the next few days:
# All banks will remain closed for public work on November 9.
# Deposit currently used notes of Rs 500 and Rs 1000 in post office accounts or banks by December 30, 2016. There will be no limit on the deposit amounts.
# Exchange old notes of Rs 500 and Rs 1000 at any bank, head post office or sub post office by showing ID proof. The limit for this is Rs 4000 upto Nov 24.
# There’ll be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
# No restrictions of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers.
# Rs 500 and Rs 1000 will cease to be legal tender from the midnight of November 8, 2016.
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Here’s what you can do with your Rs 500, Rs 1000 notes
1.Deposit old notes of Rs 500 and 1000 in banks or post offices between November 10 and December 30, 2016.
2.Those who are unable to, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration.
3.There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal of money. This limit is to be increased soon.
4.Exchange of old notes for cash upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.