Rs 500, 1000 currency notes Banned Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
Rs 500 notes, 1000 notes demonetised:
Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. He also announced that new notes of Rs 2000 and Rs 500 will be introduced.
Here is What you Can Do:
- Deposit old notes of Rs 500 or Rs 1000 in bank or post office accounts form 10th November till 30th December 2016 without any limit. There will be a limit on withdrawal of Rs 10000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
- Exchange old notes of Rs 500 or Rs 1000 at any bank, head post office or sub post office while showing ID proof. The limit for this is Rs 4000 upto 24th November.
- No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
- on 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of Rs 2000 per day per card. This will be raised to Rs 4000 later.
- Check out RBI Notification for more details.