New Delhi: PM Narendra Modi addressing that effective tonight all Rs 500 and Rs 1000 rs notes have been discontinued, all the old Rs 500 notes must be deposited at post offices and banks by end of December.
PM Narendra Modi said that this big step was to fight the disease called "BLACK MONEY"
Some of the main points from his addressing:
PM Narendra Modi said that this big step was to fight the disease called "BLACK MONEY"
Some of the main points from his addressing:
- We take a new step to fight back the corruption and black money, we have 50 days to turn them into banks and post office.
- On November 9th and in some places on November 10th, ATMs will not work
- Government hospitals will accept old Rs 500 and Rs 1000 notes till 11th November midnight
- Petrol Pumps and retail outlets will have to record every single entry of cash transaction notes till 11th November
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- 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
- Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value
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