Rs.1000 & Rs.500 notes are now illegal
In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes in Rs 500 and Rs 1,000 denomination will be withdrawn from midnight. The step has been taken to check black money, he added.
Modi claimed that India was a bright spot in global economy, a credit he appeared to give to his government’s work done since it came to power in 2014.
You can withdraw only Rs.2000 from ATM as of now.
“When we came to power in 2014 our economy was lagging behind. Now India is emerging as bright spot as even IMF said, he says in address the nation,” he said in his address to the nation after a Cabinet meeting on Tuesday.
Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.
ATM will not work tomorrow and day after Tomorrow.
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.
Modi says the citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.
“People can deposit notes of Rs 1,000 and Rs 500 in their banks from November 10 till December 30, 2016,” says PM.
All other coins and notes can continued to be used.
Important Points –
- Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight.
- Bank will be closed in 9th November
- New Rs.2000 notes will come
- New Rs.500 notes will come
- 9th 10th Nov, ATM closed
- 11Nov, Railway, busstand, will accept
- For 72 hours, until Nov 11 midnight, we have made special arrangements. All government hospitals will accept old Rs 500 and Rs 1000 notes: PM Modi
- For next days, only for a few days, we will have restrictions on withdrawals due to an expected paucity of notes. ID Cards needed to return notes: PM Modi
- You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office: PM Narendra Modi
More Details –
– From midnight, the Rs 500 and Rs 1000 will cease to be legal tender.
– The 500 and 1000 Rs notes can be submitted to the post offices and banks from 10th November to 30th December.
– Those who can’t submit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration.
– On November 9 and in some places November 10, ATMs will not work.
– For 72 hrs, until Nov 11 midnight special arrangements made. All government hospitals will accept old 500 & 1000 notes.
– RBI’s proposal for new Rs 2000 note has been accepted.
– On November 9, all banks will remain closed for public work.
New Notes which will be issued afterwards: