Rs 500 and Rs 1000 notes will not be legal anymore.Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.
Modi says the citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.
“People can deposit notes of Rs 1,000 and Rs 500 in their banks from November 10 till December 30, 2016,” says PM. All other coins and notes can continue to be used.
Because of this all Banks and some ATM’s will not be available for public work on November 9th. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc: PM Narendra Modi
CNG gas stations, petrol pumps and retail outlets can also accept notes till 11th Nov midnight, but they will have to maintain records: PM Modi