Prime Minister Mr Narendra Modi announced today that existing denomination of Rupees 500 and 1000 will invalid from midnight of 8 November, 2016 (Tuesday). Though other existing denomination of Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 and all coins will continue to be valid in transactions. Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12. This is in a abrupt move of Modi Government to curb the black money menace form Indian Economy.
Banks will remain closed tomorrow (09th November, 2016) for transactions and ATMs will also not function for a day (tomorrow), the Prime Minister said. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
What to Do with the old 500 and 1000 Rupees Notes:
All old notes could be deposited in Banks and Post Office from 10 November to 30 December 2016. Those who unable to deposit Rs 500 and Rs 1000 notes till December 30 this year (2016) can deposited in designated RBI offices till March 31, 2017 after filling a declaration form along with proof and reasons, the Prime Minister Modi said.
In place of old Rs 500 note enhanced featured new note will be issued with the new launch of Rs 2000 note from 10 November 2016.