Narendra Modi’s BIG Announcement on Indian Rupee Bank Notes: What You Should Know
New Rs 1000 and Rs 500 will be introduced from November 11.
Updated: Nov 09, 2016, 00:50 AM IST
- Rs 1000 and Rs 500 currency notes in circulation in the country will become illegal from midnight of November 8-9
- They will have no value from midnight
- Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 1 notes and all coins remain legal tender
- Old notes of Rs 1000 and Rs 500 can be deposited at all bank branches and all post offices across the from November 10 to December 30
- An ID proof like Aadhar Card, Passport, Bank Pass Book will have to be presented while depositing the notes
- The money thus deposited in an account will remain with the account holder
- ATM counters and bank branches will remain closed on November 9 (tomorrow) and in some places even on November 10
- New Rs 500 and Rs 2000 denomination notes will be available from November 11. No new Rs 1000 notes will be issued by the Reserve Bank of India.
- From November 11 there will be a maximum draw limit of Rs 2000 at ATMs, later it will be increased to Rs 4000
- From 72 hours from midnight of tonight i.e. till the midnight of November 11, government hospitals, railway and government bus counters, airline ticket counters, milk booths, petrol/diesel/CNG pumps, state co-operatives, crematoria and burial grounds will continue to accept old notes