Here’s What You Need To Know About The Withdrawal Of Rs 500, Rs 1000 Notes

In an address to the nation, Prime Minister Narendra Modi today (8 November) announced a demonetisation scheme whereby Rs 500 and Rs 1,000 notes will not be considered legal tender starting midnight (9 November).

He said such notes will become “mere paper.”

The prime minister urged all citizens to deposit old Rs 500 and Rs 1,000 notes to their banks or post office from 10 November 2016 to 30 December 2016, no questions asked.

Those unable to deposit Rs 500 and Rs 1,000 notes by 30 December for some reason, can change them till 31 March 2017, but they will have to furnish an ID proof.

For three days, till 11 November midnight, old Rs 500 and Rs 1,000 notes will be accepted in hospitals. For some time rail, bus and airline counters will accept them too. Here’s a tweet by the Prime Minister’s Office on the scenario for 72 hours starting midnight.

All other currency notes retain will their legality as usual.

There will be no change in any other form of monetary exchange -- cheques, demand drafts, credit and debit cards and electronic fund transfer.

On November 9, all banks will remain closed for public work. Additionally, all ATMs on 9 November and some on 10 November will stay shut. ATM withdrawals will be restricted to Rs 2,000 per day initially, after which the limit will be increased to Rs 4,000 per day.

New denomination notes of Rs 2,000 and Rs 500 will be circulated soon. ANI has put out pictures of the new Rs 500 and Rs 1,000 notes that will be issued.

According to Prime Minister Modi, the process of cash circulation is directly related to corruption in our country.

Watch this space for more updates