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Prime Minister Narendra Modi, today announced that Rs. 500 and Rs. 1000 notes will not be used from today's midnight onwards. The Rs. 500 and Rs. 1000 notes must be deposited at post offices and banks by the end of December, the PM said, adding the move was essential to fight "the disease of black money."
Here are highlights of the Bank on Rs. 500 and Rs. 1000 Notes
- From today's midnight, the Rs 500 and Rs 1000 will cease to be legal tender.
- The 500 and 1000 Rs notes can be submitted to the post offices and banks from 10th November to 30th December.
- Those who can’t sumbit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration.
- On November 9 and in some places November 10, ATMs will not work.
- For 72 hrs, until Nov 11 midnight special arrangements made. All government hospitals will accept old 500 & 1000 notes.
- RBI’s proposal for new Rs 2000 note has been accepted.
- On November 9, all banks will remain closed for public work.
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