Prime Minister Modi said the notes of Rs 500 and Rs 1,000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper. New Rs 2,000 note to be out on 10 November.
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.
ATM withdrawals will be restricted to Rs 2,000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
Modi also clarified that the citizens will be able to deposit old notes of Rs 500 and Rs 1,000 at post offices and banks of their choice.
From November 10 till December 30 2016 you can deposit the old notes at your nearest bank or post office accounts without any limit.
Besides depositing money in bank accounts, the Rs 500 and Rs 1,000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of vaild government identity cards like PAN, Aadhaar and Election Card from 10 November to 30 December – 2016 with a daily limit of Rs 4000.
For exchange up to Rs 4000 in cash you may go to any bank branch with valid identity.
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 authorized by public sector oil companies
–Consumer co-operative stores
–Crematoriums and burial grounds
RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards.
Prime Minister says corruption, black money and terrorism can come in the way of a country’s robust economic growth