Rs 500 and Rs1000 notes to be banned from midnight!

PM Modi is addressing the nation in Hindi and then in English that the Rs 500 and Rs 1000 notes will be scrapped from midnight. They will no longer be used for any transactions and will become just papers.

Prime Minister Narendra Modi met the three chiefs of Army, Navy and Air Force to discuss recent security issues to the country. He has come to this decision following the increased corruption in our country. Rs 1.25 lakh crores of money has been found to be black money and he hence requests the co-operation of 125 crore countrymen to fight corruption.

Points to Note:

All banks will be closed for administrative purposes on the 9th of November.

ATMs will not function on 9th and 10th of November.

Rs 500 and Rs 1000 notes will function in railway stations, government hospitals and crematoriums until 11th of November.

Rs 500 and Rs 1000 notes will be invalid from midnight today. They will be illegal henceforth. 

Public will have 50 days (from 10th Nov – 30 Dec) to deposit Rs 500 and Rs 1000 notes in banks or post offices.

ATMs will limit Rs 2000 everyday, initially.

The will be no change in any form of currency exchange, cheques, DD or payment via credit or debit card.

People unable to deposit Rs 500 and Rs 1000 notes by December 30, can do so until March 31st by giving a proper proof of identity.

RBI will soon release currency notes of higher denomination and also the new Rs 500 & Rs 2000.

Feature Image Credit: Youth ki Awaaz