500/- and 1000/- are lNO MORE LEGAL CURRENCY IN INDIA – SWAP IT – DEPOSIT IT IN THE BANK – NO BANKS TOMORROW – RS.500/- AND RS1,000/- CEASE TO BE LEGAL TENDER FROM MIDNIGHT TODAY.
In a dramatic move, Prime Minister Narendra Modi announced the government is scrapping with immediate effect the existing currency denominations of Rs 500 and Rs 1,000 to combat black money, corruption and terror-financing.
Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. The Rs.500 and Rs. 1000 notes must be deposited at post offices and banks by the end of December, the PM said, adding the move was essential to fight “the disease of black money.”
Old Rs. 500, Rs. 1000 notes illegal from midnight; new notes to be issued
Citizens have 50 days from Nov 10 to return notes at banks, post offices
Banks closed to public on Wednesday, some ATMs may not work
On November 9 and in some places on November 10, ATMs will not work.
Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value
Existing Rs 500 and Rs 1000 currency notes cease to be valid from November 9
You can return them to banks or post offices until December 30, 2016
New notes of Rs 2000 and Rs 500 will be circulated soon
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards
Banks to remain closed on November 9
“These notes will just be paper from tomorrow,” Prime Minister Modi said in a televised address to the nation.
Notes and coins of all other denominations continue to be legal tender. There will be no change in any other form of currency exchange, be it cheque, DD, payment via credit or debit cards etc.
Currency notes of Rs 500 and Rs 1,000 can be exchanged in banks and head post offices till December 30, 2016, by producing a valid identity like PAN card, Aadhaar or a Voter ID card. Failing this these notes can be exchanged at a local Reserve Bank of India office till March 31, 2017.
ATMs will not function till November 9 and in some places till November 10. However, some exceptions have been made on humanitarian grounds. Government hospitals will continue to accept 500 and 1,000 rupee notes. Medicines can be purchased with these notes for the next 72 hours.
Prime Minister Modi said that the RBI will issue notes of Rs 500 and Rs 2,000, but will limit notes with higher value.