Watch PM Narendra Modi Speech in which he addresses the nation here :
Rs 500 and Rs 1000 denominations will not be legal tender beginning November 9. Prime Minister Narendra Modi announced this in a special address to the nation on Tuesday evening. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation’s economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon.
The end to 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. ATMs will not work on November 9, and at some places on November 10 as well.
He said Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 30. Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers would remain unaffected.
“Your money is yours. You will note lose anything. The government will ensure that,” said PM Modi, in his address to the nation.
“We should be able to make the sacrifice of adjusting to the such a move in national interest, as it aims to tackle the evils of corruption, black money, fake currency and terrorism,” said PM Modi.
However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
“You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office.” PM Modi told the nation in a televised address to the nation.
Those unable to deposit Rs 1000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till March 31 next year after filling a declaration form along with proof and reasons, the Prime Minister said.
Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12.
Read Important Points from PM Narendra Modi‘s Speech on Rs 5oo and Rs 1000 Notes
1. Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 9
2. New notes of Rs 500 and Rs 2,000 would be released and circulated soon
3. ATMs will not work on November 9, and at some places on November 10 as well
4. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
5. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016
6. Currency notes of Rs 1000 and Rs 500 will be just paper with no value
7. Banks will remain closed on 9th November
8. All banks and post offices will remain shut tomorrow
9. Cashless fund transfer won’t be affected by this.
10. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight
11. Some medical facilities will be exempted from this for the time being .