PM Narendra Modi announces scrapping of Rs 500, 1000 currency; details inside
New Delhi : Prime Minister Narendra Modi on Tuesday took a big step of scrapping Rs 500 and 1000 currency notes effective from November 9, 2016.
The old currency can be replaced from via banks and post-offices from November 10 to December 30th.
The banks will also remain closed on November 9 to ensure old currencies are replaced from ATMs. For couple of days, ATM will be capped with a withdrawal limit of Rs 2000.
To ensure people don't face much trouble in daily transactions, medical stores, petrol pumps, airport and railway stations have been allowed to accept old currency till November 11.
The new currency notes of Rs 500 and Rs 2000 will be made available to public from November 11. Interestingly, Rs 2000 currency will be carrying a picture of Mangalyaan to mark India’s success in science.
The Centre has taken this bold step to bust black money which is majorly in the form of Rs 500 and Rs 1000, majorly used for illegal transections.