You have 50 days to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office: PM

New Delhi: Prime Minister in address to nation today evening said:

From today, 8 November, 2016 midnight (00.00) presently issued Rs 500 and Rs 1000 currency notes will not remain legal tender. They will be legally invalid.

Rs 500 and Rs 1000 old notes will not be able to use from midnight.

This step has been taken to fight the menace of corruption, black money, fake currency circulation.

Rs 500 and Rs 1000 old notes will be valid between 10 November and 30 December 2016 to deposit in bank or post office. You have 50-day time to deposit these notes. You don’t need to get in hurry.

Old notes of Rs 500 or Rs 1000 can be deposited in bank or post office. In first few days you can withdraw only Rs 10,000 per day or per week Rs 20,000 maximum. In upcoming day this amount will be increased.

Rs 500 and Rs 1000 notes between 10 November and 30 December can be exchanged and new notes can be gained at banks, head post office, sub post offices by showing your identity card, Aadhar, voter identity card, PAN card etc as evidence.

Initially between 10 November to 24 November period upto Rs 4,000 worth old 500 and 1000 notes can be exchanged for new at these places. After 25 November Rs 4000 limit will be escalated.

Those who are unable to deposit old notes by 30 December 2016 will also get last chance. They will need to give declaration form and deposit the money by 31st March 2017 at Reserve Bank.

On 9 November and at some places even on 10 November ATMs will not work. Initially per card per day ATM withdrawal limit will be Rs 2,000, then after some time it will be escalated.

Rs 500 and Rs 1000 old notes will be legally invalid from midnight today but in view of public needs, we have given upto 11 November midnight time for people.

By 11 November 12 in midnight, govt hospitals will accept old Rs 500 and Rs 1000 notes.

On doctor’s prescription, drug will be available. Railway ticket booking counters, govt bus ticket booking counters and airlines ticket booking counters will also accept old Rs 500 and Rs 1000 notes. Cooperatives and govt run stores will also accept notes upto 11 November. They will have to keep in register daily stocks and selling reports. Petrol, CNG stations, retail outlets will need to accept old notes of Rs 500 and Rs 1000. They will have to keep stock and selling report in register. Crematoriums will also receive old Rs 500 and Rs 1000 notes. Those coming or going to foreign country from international airport will also be allowed in limit of Rs 5,000.

All banks will be closed for public works on 9 November.

Rs 500 and Rs 2000 new currency notes will come to circulation. They are newly designed. RBI will take necessary step to see that higher value currency notes remain in circulation only upto some limit.

DeshGujarat