Prime Minister Narendra Modi, in a televised address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.
PM Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy
Here’s what you need to know and do in the next few days:
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 up to 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 payments
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 authorized by public sector oil companies
Consumer co-operative stores authorized by state or central government.
Crematoria and burial grounds
Milk booths authorized by state
To know more and its effect on your finance leave a miss call on
Download financial freedom app for detailed information