500 Rs and 1000 Rupees Notes Banned in India 

Below are the highlights from his speech. It includes some significant and important decisions taken to curb the black money.

⦁ Some new substantial steps are needed to fight black money. Currently issued Rs 500 and Rs 1000 notes are being discontinued from the midnight of 8th and 9th November 2016. People have 50 days to deposit them into banks and post offices.

⦁ ATMs may not work on November 9 and 10 at some places.

⦁ For the first 72 hours, government hospitals will accept the old 500 rs and Rupees 1000 till 11th November midnight.

⦁ Petrol pumps and retail outlets will keep the entry of every single cash transaction involving 500 and 1000 rupees notes until Nov. 11.

⦁ Also, Crematoriums and cemeteries will accept 500 and 1000 rupees notes until November 11.

⦁ There will no change in any way for the currency transaction be if cheque, demand draft (DD), payment via credit or debit cards, etc.

⦁ If anybody wasn’t able to deposit Rs 1000 and Rs 500 old notes by December 30 due to any reason, then they will be provided with the last change. They will be able to change them till March 31, 2017, but they will have to give ID proof and declaration format selected offices of Reserve Bank of India (RBI).

⦁ New notes of Rupees 2000 and Rs. 500 will be made available soon. RBI has decided to limit the notes with higher value.