Rs 500, Rs 1,000 notes withdrawn from midnight tonight in India; new Rs 500, Rs 2,000 notes to be issued: Modi

by Glocal Khabar 810 views0

Old notes can be deposited in banks from Nov 10 to Dec 30; all banks to remain closed on Wednesday

New Delhi, November 8, 2016: In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi has announced that currency notes in Rs 500 and Rs 1,000 denomination will be withdrawn from midnight. The step has been taken to check black money, he added.

The Reserve Bank of India will issue new Rs 500 and Rs 2,000 notes.

Here’s is what people can do:— Deposit old notes of Rs 500 or Rs 1,000 in bank or post office accounts from November 10 till December 30, 2016, without any limit. There will 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.

— Exchange old notes of Rs 500 or Rs 1,000 at any bank, head post office or sub-post office while showing ID proof. The limit for this Rs 4,000 up to November 24.

— No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.

— On November 9 also, ATMs will not work.

Source: Agencies