Modi: ₹500 & ₹1000 Notes No Longer Legal Tender‼


In a surprise address to the people of India, Prime Minister Narendra Modi has declared that ₹500 & ₹1000 notes will cease to be considered legal tender starting midnight today (Tuesday). Modi said, “These notes are just papers from tomorrow.” Modi justified his move saying that ₹500 & ₹1000 are notes are mostly used in black money. He also said that these notes should be exchanged in banks & head post offices & sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.” He said, “People who possess ₹500 or ₹1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31,2017.



 
Modi government have given 50 days to deposited old currency in banks and post offices.
On November 9 and in some places on November 10, ATMs will not work.
Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
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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