From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.
- Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
- People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
- The ATMs will not function till November 9, and in some places till November 10.
- Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
- There is no restrictions on internet banking, cash, demand draft transactions.
- Banks will be closed on November 9.
- A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
- This is a chance for every citizen to take part in the fight against black money and corruption, says the prime minister.
- Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.
- RBI to issue limited number of new Rs. 500, Rs. 2000 notes
- ATM withdrawals capped to Rs. 2000 till November 11
- Withdrawals from bank accounts will be limited to Rs. 10,000 for the first few days.
All you need to know and do in next few days
- Exchange old notes of Rs 500 and Rs 1000 at any bank, head post office or sub post office by showing ID proof.
- Last Date To Submit Old notes is December 30, 2016
- For 72 hours, government hospitals to accept old Rs. 500, Rs. 1000 notes
- Citizens have 50 days from Nov 10 to return notes at banks, post offices
- New Rs. 500, Rs. 2000 notes from Nov 10, old ones illegal from midnight
- Take Aadhaar card and Pan Card when you go to exchange notes
- The limit for exchange is Rs. 4000
Your money will remain yours…you don’t have to worry on this,” PM Modi said