Graphic explanation: Demonetisation of Rs 500, Rs 1,000 notes

Zee media bureau

New Delhi: In order to contain the rising incidence of fake notes and black money the government on Wednesday announced demonetisation of Rs 500 and Rs 1,000 notes.

The legal tender character of the existing bank notes in denominations of ₹500 and ₹1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn.

In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. These Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

Picture courtesy: Ministry of Finance