Rs 500 and 1,000 Currency 10000 Notes Scrapped, Rs 2,000 Note
In a surprise announcement, Prime Minister Narendra Modi on Tuesday announced that from starting 8 November midnight, Rs 500 and Rs 1,000 currency notes will no longer be legal tender.
However, fuel stations will accept the notes till 11 November, while government hospitals will also keep on accepting the currency notes for now.
India Gets New Rs 500, Rs 2,000 and 10000 Rs Notes
As replacement for the scrapped currency notes, new Rs 500 and Rs 2,000 and 10000 rs notes will be issued.
500 and 1000 notes
500 inr Notes
2000 inr notes
2000 currency notes
50 Days to Submit Old Rs 500, Rs 1,000 Notes: PM Modi
The people of India have been given 50 days to make the transition. The deadline to deposit all the illegal Rs 500 and Rs 1,000 notes is 30 December by showing government-issued ID proof.
However, for people who have not been able to submit notes by 30 December can visit the Reserve Bank of India till 31 march to submit the currency notes after filling a declaration form.
Further, Modi announced that ATMs will not work on 9, while some may not work on 10 November. The initial limit on ATM withdrawals till 11 November will be Rs 2,000. This limit will be increased slowly.
He also announced that all banks in India to be closed on Wednesday. Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.
Must Check: 500rs and 100 rs notes
However, fuel stations will accept the notes till 11 November, while government hospitals will also keep on accepting the currency notes for now.
India Gets New Rs 500, Rs 2,000 and 10000 Rs Notes
As replacement for the scrapped currency notes, new Rs 500 and Rs 2,000 and 10000 rs notes will be issued.
500 and 1000 notes
500 inr Notes
2000 inr notes
2000 currency notes
50 Days to Submit Old Rs 500, Rs 1,000 Notes: PM Modi
The people of India have been given 50 days to make the transition. The deadline to deposit all the illegal Rs 500 and Rs 1,000 notes is 30 December by showing government-issued ID proof.
However, for people who have not been able to submit notes by 30 December can visit the Reserve Bank of India till 31 march to submit the currency notes after filling a declaration form.
Further, Modi announced that ATMs will not work on 9, while some may not work on 10 November. The initial limit on ATM withdrawals till 11 November will be Rs 2,000. This limit will be increased slowly.
He also announced that all banks in India to be closed on Wednesday. Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.
Rs 1000 and Rs 500 notes will no longer be legal from Nov 8 midnight: PM Modi
The current notes of Rs 500 and Rs 1000 will no longer be valid from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation. Instead, notes of Rs 2000 and a newly designed Rs 500 are being introduced.
Here are highlights from his speech:
- From midnight, notes of Rs 500 and Rs 1000 will cease to be legal tender.
- Citizens will have 50 days -- between November 10 and December 30 -- to give in notes of Rs 1000 and 500 at post offices and banks.
- Those unable to submit all their old currency notes within the deadline, will be able to do so at the Reserve Bank of India up till March 31, 2017 by providing a declaration.
- ATMs will not function on November 9, and on November 10 in some places.
- For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes.
- RBI’s proposal for new Rs 2000 note has been accepted.
- All banks will remain closed on November 9 for public work.
- This government is committed to the poor: PM Narendra Modi in address to the nation.
- In spite of two years of continuous drought, in the last two-and-half years, India has made its presence felt in the global economy.
- We are among the fastest-growing economies, but we also rank high in global corruption rankings
- Black money and corruption has taken roots in the country, these are the biggest obstacles in eradicating poverty.
- India’s common citizens live their lives honestly. But black money, corruption make the nation hollow from inside.
- In the last two-and-half years, at least Rs 1.25 lakh crore of black money has been recovered.
Narendra Modi's address on demonetization of Rs. 500 and Rs. 1000 notes
Taking the nation by surprise, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
In his first televised address to the nation, Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
Live updates:
8.53 pm: Government hospitals, pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 8 midnight.