All the details you need to know about the Government's move to announce 500 and 1000 rupee notes illegal
MODI'S ANNOUNCEMENT
In a bid to curb fake notes, corruption and black money, Prime Minister Narendra Modi on Tuesday announced that 500 and 1000 rupee notes will cease to be legal tender, effective from midnight of November 8, 2016. Modi in his speech asserted that these notes are just papers from tomorrow.
BANKS AND ATM'S CLOSED
All banks and ATMs will be closed to transactions on 9th of November.
PLACES WHERE NOTES WILL BE ACCEPTED?
Government and Private Hospitals, Burrial Grounds, Petrol and CNG Stations will accept old Rs 500 and 1000 notes till 11 November midnight.
RETURNING THE EXISTING NOTES
The government has announced a timeline of 50 days (From 10 Nov to 30 Dec) to deposit 500 and Rs 1000 rupee notes in any Bank or Post office. People unable to deposit 1000 and 500 rupee notes by Dec 30, can change them till March 31, 2017 by furnishing ID proof.
NEW 2000 AND 500 RUPEE NOTES
A new set of 500 and 2000 rupee notes to be issued and circulated by the RBI
