MILESTONE DECISION: 500 and 1000 Rs. notes Illegal from Tonight

In a special and sudden address to the nation, Prime Minister Narendra Modi has announced that starting midnight, existing Rs. 500 and Rs. 1,000 notes can no longer be used for any transactions.

They must be deposited by the end of December at post offices and banks, he said, describing the move as essential to fight “the disease of black money.”

A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.

PM Modi, urging the country to bear with some inconveniences in the implementation of the new rule, said that banks will be closed to the public tomorrow and ATMs will not work in some places for the next 48 hours.

A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.

There will be no change in any other form of monetary exchange — cheque, DD, payment via credit or debit cards, he said.

Here’s what you need to do with your Rs. 500 and Rs. 1000 notes.
Change them at the bank or post office from November 10 to December 30. Take Aadhaar card and Pan Card when you go to exchange these notes. After December 30, these can be changed at the Reserve Bank with a declaration. Tourists can change the notes at airports

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