Rs 500 and 1000 currency notes declared invalid- All you should know from Modi’s speech yesterday


In order to curb the black money moving in the market PM Narendra Modi took a smart step once again by suddenly addressing the nation on 9th November and shook everyone saying that Rs 500 and Rs 1000 notes will be illegal tender from tonight midnight and post midnight these notes would be just a worthless piece of paper instead.

Some Highlights from his speech all you need to know about:

  • The notes of 500 and 1000 denominations circulating in the market will not be legal from midnight November 9.
  • ATM’s will be shut on November 9 completely and at some places it may remain shut on November 10 as well.
  • Good news is that beginning November 11 all the ATM’s will start working and will be dispensing cash expect for Rs 500 and Rs 100 notes.
  • There are some restrictions over the withdrawals from ATM’s for initial days it is Rs 2000 per card per day which will be further raised to Rs 4000 per card per day.
  • Banks will remain closed on November 9 allowing them time to cope with the new directive.
  • Further people holding the Rs 500 and Rs 1000 notes can get them deposited without any limit in their respective banks or post office from November 10 to December 30.
  • For withdrawals from Banks can be done only up to Rs 10,000 per day and Rs 20,000 per week which will be raised eventually.
  • People can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limits to Rs 4,000, and you can exchange till November 24 by producing a valid government identity cards like PAN, Aadhaar and Election Card.
  • Whereas there are no restrictions over  non-cash payments by Cheques, Demand Draft, debit or credit cards and EFT’s.
  • Rs 500 and Rs 1000 notes will be accepted till November 11 only in the government authorised places and institutions like hospitals, railways, airlines, bus ticket booking counters, petrol, diesel and gas stations authorized by public sector oil companies, consumer cooperative stores and milk booths.
  • New currency notes will be rolled out by RBI eventually.

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