Going by his promise in 2014 general elections to bring black market money into the regular financial system, Prime Minister Modi on Tuesday in a televised address to the nation said that high denomination notes of Rs 500 and Rs 1000 will no longer be legal. PM Modi announced.
PM Modi said banks and ATMs will remain closed on Nov 9 and in some places ATMs may be remain closed on November 10. Across the country, people rushed to ATMs where money could be withdrawn in Rs 100 notes, trying to avoid being any caught without cash over the next few days.
These are the key points :
-- The government declared Rs.500 and Rs. 1000 currency notes invalid from midnight of Nov. 08, 2016
-- These notes can be deposited in banks between Nov. 10 and Dec. 30
-- Banks will also exchange these notes up to Rs.4000 till Nov. 24
-- Post Dec. 30, these notes will be accepted only by the Reserve Bank of India along with a written declaration
-- ATMs will not function for two days from midnight of Nov. 09 to Nov 10
-- All the Banka will be close for public transactions tomorrow (Nov. 09)
-- For a first few days, only up to Rs. 2000 per day can be withdrawn from ATMs; this will be raised to Rs. 4000 in later days
-- All new Rs.500 and Rs. 2000 notes to be released later by RBI
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