Tuesday, November 8, 2016
Rs 500, Rs 1000 currency notes stand abolished from midnight: PM Modi
Live Video of PM Modi
Read: Rs 500 and Rs 1000 notes demonetised: Here’s what to do with old notes
The prime minister expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time. He said he is hopeful that political parties, workers, social organisations and the media will go further than the government in making it a success.
Read: Amit Shah says ‘fight against blackmoney will continue’
“Banks will be closed tomorrow. It will cause some hardship to you….Let us ignore these hardships… In country’s history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life,” Modi said.
- 1.25 lakh crores of black money has been recovered.
- We need to take a new solid step to fight black money. From now on, Rs.
- s.
- 500 and Rs.
- s.
- 1000 notes will not be used. Have 50 days to turn them into banks and post offices.
- On November 9 and in some places on November 10, ATMs will not work.
- Respite for people for the initial 72 hours, government hospitals will accept old Rs.
- s.
- 500 and 1000 notes till 11 November midnight.
- Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- Those unable to deposit Rs.
- s.
- 1000, Rs.
- s.
- 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
- Notes of Rs.
- s.
- 2000 and Rs.
- s.
- 500 will be circulated soon, RBI has decided to limit the notes with higher value
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