Updated: November 9, 2016 9:00:08 am
Prime Minister Narendra Modi made a key announcement in his fight against black money. Addressing the nation on Tuesday evening, PM Modi abolished the currency notes of Rs 500 and Rs 1000 denominations. However, there will not be any change for other notes.
Modi said that starting tonight the Rs 500 and Rs 1000 notes will only be worth the paper they are printed on. He added that ATMs will not work in some places on November 9 and November 10. Here’s a quick guide
What to do with Rs 500 and Rs 1,000 notes?
Since currency notes of these two denominations have become invalid, they can be exchanged at in any bank or post office by showing ID proof. For the initial 72 hours, government hospitals and petrol pumps, CNG gas stations will accept the old Rs 500 and 1000 notes till November 11 midnight.
What is the time frame to exchange these notes?
People have 50 days, from November 10 to December 30 to deposit notes of Rs 500 & Rs 1000 in any bank or post office. Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000.
Are there any restrictions on other transactions?
There are no restrictions on card payment, cheque, demand draft, electronic funds transfer. However, there is a limit on daily and weekly withdrawals. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
Will the govt issue new notes?
PM Modi said that new notes of Rs 2000 and Rs 500 will be circulated soon.
Urging people to help the government in its fight against black money and fake currency notes, PM Modi said the process of cash circulation is directly related to corruption in the country impacting the lower classes of society.
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