Rs 500 and 1000 currency notes will cease to be legal tender from the midnight of Nov 9; ATMs will not work on Wednesday, all banks will stay shut for public work for the day.
The prime minister announced demonetization of Rs 500 and 100 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. The move was aimed to clamp down on rampant corruption, PM Modi said. In his televised address to the nation, PM Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. Those who are unable to exchange their notes by December 30 will be allowed to declare them with the Reserve Bank of India till March 31.
1.Deposit old notes of Rs 500 and 1000 in banks or post offices between November 10 and December 30, 2016.
2. Those who are unable to, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration.
4. Exchange of old notes for cash upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.
8.Petrol pumps and retail outlets will have to keep every single entry of cash transaction with Rs 500 and 1000 notes till November 11.
9. ATMs will not function on Nov 09 and at some places on Nov 10 as well.
The government has decided to induct new currency notes of Rs 500 and Rs 2000 denominations.