In a major step to check black money, Prime Minister Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. In his televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. From November 10 till December 30 you can deposit the old notes at your nearest bank or post office accounts without any limit. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
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.
ATMs will not work on November 9 and in some places on November 10. But from November 11, you can withdraw money 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 still use my Rs 500, Rs 1000 notes?
Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:
>Railway, airline, bus ticket booking counters
>Petrol, diesel and gas stations authorised by public sector oil companies
>Consumer co-operative stores
>Crematoriums and burial grounds
Where can I get the 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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