New Delhi: Prime Minister Narendra Modi on Tuesday in a television address announced that Rs. 500 and Rs. 1000 denomination notes stands withdrawn from midnight. He said that the 500, 1000 notes will become “mere paper”.
The banks will remain closed for public work on November 9. People can deposit Rs. 500 and Rs. 1000 in post office accounts as well as bank accounts by December 30, 2016. There will be no limit on the deposit amounts.
The public can exchange old notes through any bank, head post office or sub post office by showing ID proof. The limit for this is Rs. 4000 up to November 24.
The withdrawal has been limited to Rs. 10,000 per day and Rs. 20,000 per week and this will be increased in the coming days. There will be no restriction of any kind on non-cash payments by cheques, demand drafts, debit and credit cards and electronic fund transfers. The ATMs will not work on Nov 9 and Nov 10.
For the next 72 hours, government hospitals, railway ticket booking counters, ticket counters of government buses and airlines, petrol, diesel and gas stations of authorised public sector companies, consumer co-operatives stores by state and central government, government authorised milk booths, crematorium and burial grounds will accept old Rs. 500 and Rs.1000 notes for payment.
