India took the historical decision on Indian currency by banning 500, 1000 Notes. Check Rs 500 & 1000 Currency Notes Banned From Midnight : PM Modi Announced from here. He also announced that new notes of Rs 2000 and Rs 500 will be introduced.
On Tuesday night, Prime Minister Narendra Modi announced that demonetization of Rs 1,000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on corruption, black money and fake currency.
Rs 500 & 1000 Currency Notes Banned From Midnight : PM Modi Announced
PM Modi announced that 500 and 1000 notes are invalid from midnight. He also said that all other 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. Check highlights if his 40 minutes speech from below.
— PMO India (@PMOIndia) November 8, 2016
Rs 500 & 1000 Currency Notes Banned: Highlights
Deposit old 500 & 1000 notes in Banks and Post offices to get new notes. From November 10 till December 30, 2016 without any limit. But there is a withdrawal limit of Rs. 10,000 per day and Rs. 20,000 per week. You need to carry your PAN Card and Aadhaar Card for exchange.
Daily exchange limit is Rs 4000 upto November 24. These restrictions may be changed in coming days.
Banks will be closed on November 9th for public transactions and ATM will not function. Also on Thursday, November 10, in some places to allow banks to make changes.
Prime Minister said that RBI has accepted a proposal for new 500 and 2000 rupee notes.
Restrictions on ATM Withdrawals:
ATMs will not work on November 9 and 10. But you can withdraw money from November 11, and ATMs will stop dispensing the existing Rs 500 and 1000 notes. For the first few days, these withdrawals are being restricted to Rs 2,000 per card per day, and will later be increased to Rs 4,000 per card per day.
Where can I use Old 500 and 1000 notes ?
- You can use old notes in some places which are listed below till November 11th.
- Bus Tickets Booking Counters, Railway and Air Lines- Counters for railway, bus and air tickets too will accept these notes for 72 hours for purchase of tickets.
- Gas stations, Petrol and diesel authorised by public sector oil companies
- Crematoriums and Burial Grounds
- At milk booths
- Hospitals For 72 hours or till November 11, government hospitals will accept old Rs. 500, 1000 notes. A doctor’s prescription must be carried with such notes.
- Consumer co-operative stores
After December 30, 2016 these can be changed at the Reserve Bank of India.
The issue of New currency notes:
RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.
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