Key points from PM Modi’s address to the nation
- Rupees 500 and 1000 denomination notes to be discotinued from midnight of November 8
- Rupees 500 and 1000 notes can be exchanged at banks or post offices from November 10 to 31st December 2016
- Old notes to be accepted at Railway Station, Airport and Bus booking counter till November 11
- Work in progress to launch new and redesigned Rupees 500 and Rupees 2000 note
- Currency denomination lower than Rupees 500 legal tender
- Banks to remain closed on November 9
- Withdrawl limit from ATM’s for initial days
Making a rare address to the nation Prime Minister Narendra Modi announced Currency notes of Rs 500 and Rs 1000 denominations will not be legal tender beginning November 9. He said the move was aimed at curbing the negative impact of fake currency, black money and corruption on the nation’s economy. This decision was taken to curb the issue of black money and counterfeit notes.
The legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9.
He said Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 31.
“Your money is yours. You will note lose anything. The government will ensure that,” said PM Modi, in his address to the nation.
He also announced a number of safeguards to ensure that medical payments or other critical services are not affected by the move.
