Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.
Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30 by providing a valid identity proof such as Aadhaar, PAN card or voter ID card..There is no restrictions on internet banking, cash, demand draft transactions.
Ggovernment hospitals,Petrol pumps and retail outlets will accept old Rs. 500 and 1000 notes till 11 November midnight.However, Narendra Modi said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Rs 1 and all coins will continue to be valid. He also announced that new notes of Rs 2000 and Rs 500 will be introduced.
Post offices, bannks to open additional counters and extend working hours to accomodate the public.Control rooms formed in RBI in Mumbai – 022 22602201, 22602944 will be operable from tomorrow morning 8 am.
Banks will be closed on November 9.
Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit.
The ATMs will not function till November 9, and in some places till November 10.
People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value.