New Delhi: Modi government's decision to ban currency notes of Rs 500 and Rs 1,000 has come as a huge shocker, with many questions lingering in one's mind.
With many asking as to when and how, we can withdraw money from ATMs, banks or make payments through cheques or demand drafts, we bring the answers for you.
How and when to make use of ATMs
ATMs will not work on November 9 (Wednesday), and in some places on November 10. Withdrawals from ATMS will be limited to Rs 2,000/day per card up to November 18, 2016. This will be raised to Rs 4,000 later.
Cheque or Demand Draft payments
There is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Narendra Modi government decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision.