500 rupee and 1000 rupee notes have been scrapped by the government in an effort against black money
Highlights
- Rs. 500 and Rs. 1,000 notes scrapped in an effort against black money
- Old notes can be deposited in banks, post offices from Nov 10 - Dec 30
- Online transactions and card payments will not be affected
In his government's battle against black money and counterfeit currency, Prime Minister Narendra Modi has announced that 500 Rupee and 1000 rupee notes will cease to be legal from midnight.
Banks will be closed today for public transactions and ATMs will not function - in some places also on Thursday November 10, said PM Modi - to allow banks to make the transition.
Deposit old notes of Rs 500 or Rs 1000 in banks or post office accounts from November 10 till December 30, 2016 without any limit. There will be a limit on withdrawal of Rs 10,000 per day and Rs. 20,000 per week. This limit will be increased in the coming days. You must carry your Aadhaar card and PAN Card when you go to exchange notes. The limit you can exchange is Rs 4000 upto November 24.
After December 30, these can be changed at the Reserve Bank of India.
Tourists can change notes at airports.
For 72 hours or till November 11, government hospitals will accept Rs 500, 1000 notes. A doctors prescription must be carried with such notes.
Counters for railway, bus and air tickets too will accept these notes for 72 hours for purchase of tickets.
This will also be allowed till Nov 11 at petrol stations authorised by public sector oil companies, milk booths and crematoria and burial grounds.
Notes of Rs 100 and lower denominations will all continue to be legal tender.
Coins too will continue to be legal tender. Online transactions and card payments will not be affected.
The RBI has accepted a proposal for new 500 and 2000 rupee notes, the Prime Minister said. New 500 and 2000 rupee notes will be launched on Thursday, November 10.
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