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.

|Last Updated: Nov 09, 2016, 12:50 AM IST|Source: Bureau

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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