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November 08, 2016

Rs 500 And Rs 1000 Notes Banned in India

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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 be illegal.
  • All banks will remain closed for public work on November 9.
  • Deposit currently used notes of Rs 500 and Rs 1000 in post office accounts or banks by December 30, 2016. There will be no limit on the deposit amounts.
  • Exchange old notes of Rs 500 and Rs 1000 at any bank, head post office or sub post office by showing ID proof. The limit for this is Rs 4000 upto Nov 24.
  • There’ll be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
  • No restrictions of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers.
  • Rs 500 and Rs 1000 will cease to be legal tender from the midnight of November 8, 2016.
  • On Nov 9 and in some places on Nov 10, 2016, ATMs will not work.
  • For 72 hours, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment :
    • Government hospitals will continue to accept old Rs 500, Rs 1000 notes for payment.
    • Railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets.
    • Petrol, diesel and gas stations authorised by public sector oil companies
    • Consumer co-operative stores authorised by state or central government.
    • Milk booths authorised by state governments
    • Crematoria and burial grounds
  • The government is going to issue new Rs. 500 and Rs. 1000 notes soon.

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