New Delhi: In a major crackdown by the Bharatiya Janata Party (BJP) led government, Prime Minister on Tuesday announced that Rs 500 and Rs 1,000 notes will be banned from midnight November 8, 2016. 

Here is what you need to know about this ban:

  • From midnight Nov 8, 2016 today, Rs 500 and Rs 1000 notes will no longer be a legal tender.
  • Deposit old notes of Rs 500 or Rs 1,000 in bank or post office accounts from 10th November till 30th December 2016 without any limit.
  • There will be withdrawl of Rs 10,000 per day and Rs 20,000 per week.
  • This limit will be increased in the coming days.
  • People will be able to deposit and exchange Rs 1,000 and Rs 500 notes by showing their ID proofs from any Bank, Post Office and RBI between 10 November and 30 December.
  • ​People can go to specified offices of the RBI upto 31st March 2017 and deposit the Rs 500 and Rs 1,000 notes after submitting a declaration form.
  • New Rs 500, 2000 notes from November 10.
  • For the first 72 hours, Government Hospitals, Petrol, Diesel and CNG gas stations authorised by public sector oil companies, Railway Station, crematorium to still accept Rs 500 and Rs 1,000 notes. 
  • No ATMS will be functional on November 9 and on some place on November 10. There will be a limit of Rs 2,000 per day per card. This will be raised to Rs 4,000 later.
  • No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit and electronic fund transfer.

(Also Read: PM Modi addresses the nation, cracks down on black money: Top Highlights)



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