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.

Narendra Modi’s BIG Announcement on Indian Rupee Bank Notes: What You Should Know
  • 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

 

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