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.”
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Old Rs. 500, Rs. 1000 notes illegal from midnight; new notes to be issued
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Citizens have 50 days from Nov 10 to return notes at banks, post offices
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Banks closed to public on Wednesday, some ATMs may not work
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On November 9 and in some places on November 10, ATMs will not work.
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Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
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Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
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Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
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There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
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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
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Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value
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Existing Rs 500 and Rs 1000 currency notes cease to be valid from November 9
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You can return them to banks or post offices until December 30, 2016
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New notes of Rs 2000 and Rs 500 will be circulated soon
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There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards
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Banks to remain closed on November 9