08 Nov, 2016 10:41 PM

Rs 500 and Rs 1,000 currency notes withdrawn

Prime Minister Narendra Modi on made an unprecedented move by announcing that the currencies in the denominations of Rs 500 and Rs 1,000 will be invalid when the clock strikes 12 midnight of 8 November. The announcement was televised across all news channels at 8pm today.

The highlights

Five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight.
Till midnight on 11th November government hospitals will continue to accept five hundred and thousand rupee notes for payment. Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription.
Till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time. During this period old notes will be also accepted at Petrol, diesel and CNG gas stations authorised by public sector oil companies, Consumer co-operative stores authorised by State or Central Government, Milk booths authorised by State governments, Crematoria and burial grounds.e outlets will have to keep proper records of stock and collections.
Old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit.
Those who are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016 can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
In the next few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week.
Old five hundred or thousand rupee notes can be exchanged for new notes at any bank, head post office or sub post office with identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased.
All banks and ATMs will be shut on Nov 9.
Milk booths, crematoria, hospitals exempted from ban till November 11th.
Upper limit withdrawal up to Rs. 4000 will be in place for security reasons until all people have sufficient legal notes in place.
Cheque, DD Card payments and other online and electronic transactions will work as usual.