Big News: 500 & 1000 Currency Notes discontinued by Govt of India from 8 Nov 2016 Mid Night
Prime Minister has announced today that Rupee 500 and Rupee 1000 will be discontinued from Today Midnight. And Provided the 50 Days to surrender all the 500 note and 1000 note currency.
Why does Modi Government has discontinued the Rupee 500 and Rupee 1000. Check the major points of PM Modi’s Speech.
- New Note of Rs 2000 and Rs 500 will be out on 11 Nov 2016; RBI has already shown the Sample currency in Press conference after PM’s Speech.
- Initially 50 Days has been provided to deposit the 1000 & 500 notes in Bank and after the completion of 50 Days, it will be deposited in the RBI Office with ID Proof such as PAN card, Driving License (DL), Passport, Aadhar Card etc.
- No changes in any other form of payment such as Credit card Payment, Cheque Payment, Demand Draft Payment or Bank Transfer.
- Petrol Pump, Hospital, Hospital, Railway, Airport counter will accept the 500 & 1000 Currency Note till 11 November 2016.
- Bank will not function on 10 November 2016, Maximum 2000 can be withdrawal from ATM till 11 Nov.
- For next 72 Hours, Emergency services will accept the 500 & 1000 Currency.
How to change the Rupee 500 / 1000 Notes
- Visit the Nearest Banks – SBI bank, ICICI bank, HDFC Bank, UCO, SBBJ, Yes, IDBI, Axis Bank etc after 11 Nov to 31st December 2016 and change the Currency as per instruction.
- Show the Valid ID Proof.
- Bank will either deposit the money in your account or provide you cash for the same.
Last Date of 500 & 1000 Currency closing – 8 Nov 2016 (Mid Night)
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