Rs.500 ($7) and Rs.1000 ($15) notes scrapped in India from midnight of 8th November 2016

India’s NDA government took a bold step of scrapping Rs.500 and Rs.1000 notes to curb black money in the country. The move was announced by Prime Minister Narendra Modi in a televised announcement to the nation.

The news took Indians by surprise as there was no inkling of such a move being in the process. The surprise step appears to be designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy.

“Black money and corruption are the biggest obstacles in eradicating poverty,” he said in an address to the nation.

Indians will have the option of exchanging the 500 and 1000 Rupee notes that they hold till 30.12.2016 midnight. Announcing the move, the Prime Minister said that all Indian banks will be closed on 9th November 2016 while many ATMs won’t work on 9th and 10th November 2016.’The Prime Minister also laid down specific rules for exchanging the notes or depositing the notes held by them in banks and post offices. The hospitals will be allowed to accept the 500 and 1000 notes till midnite of 11th November 2016.

The 500 and 1000 will stop working from midnight of 8th November 2016 and will be illegal from tomorrow. You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office.

Here is how to get rid of your Rs.500 and Rs.1000 notes legally:

  • Get them changed at the bank or the post office till 50 days from now. You can only exchange these notes from November 10 to December 30.
  • Carry your Pan Card and Aadhaar card when you go to the above mentioned places to exchange your notes.
  • Your notes can, however, be exchanged after December 30 at the Reserve Bank with a declaration.
  • Tourists are allowed to change their notes at the airports.

 

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