From Wednesday, 500 and 1,000 rupee notes will be scrapped, PM Narendra Modi said.
Highlights
- Exchange Rs 500, Rs 1000 notes at banks, post offices till Dec 30
- Citizens must present Aadhar card and PAN card to exchange old notes
- After Dec 30, old notes can be exchanged at RBI with a declaration
To stop the spread of counterfeit notes, which is aiding terror activities from across the border, and flush out black money, the government has decided to scrap the notes of Rs 500 and Rs 1000, Prime Minister Narendra Modi said on Tuesday. Starting midnight, these notes will only be "worth the paper they are printed on," he said.
A proposal for new 500 and 2,000 rupee notes has been cleared by the Reserve Bank of India.
There will be no change in any other form of monetary exchange -- cheque, DD, payment via credit or debit cards, he said.
Here's what you need to do with your 500 and 1000 rupee notes.- Deposit them at the bank or post office from November 10 to December 30
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs 4000
- Take Aadhaar card and PAN Card when you go to exchange notes
- After December 30, these can be deposited at the Reserve Bank with a declaration
- Tourists can change the notes at airports
Your 500 and 1000 rupee notes be accepted till November 11 at:- Petrol Pumps and government hospitals
- Railway, airline, government bus ticket booking counters
- Consumer co-operative stores run by state or central government
- Milk booths authorized by state governments
- Crematoriums and burial grounds