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500 – 1000 Rupee notes cease to be legal from midnight!

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The 500 – 1000 Rupee notes are deemed illegal post-midnight ,says PM Narendra Modi in a national address speech on Tuesday evening. You can watch the whole speech here . The directive has come directly from RBI , which the PM is keen on pursuing right now.

Prime Minister Narendra Modi, in a televised address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.

What you can do to prepare for the latest denomination update :

Here’s what you need to know and do in the next few days:

  •  All banks will remain closed for public work on November 9.
  •  Deposit currently used notes of Rs 500 and Rs 1000 in post office accounts or banks by December 30, 2016. There will be no limit on  the deposit amounts.
  •  Exchange old notes of Rs 500 and Rs 1000 at any bank, head post office or sub-post office by showing ID proof. The limit for this is enhanced to Rs 4500 from 4,000, up to Nov 24.
  •  The government has now scrapped the maximum limit on withdrawal of Rs 10,000 per day and has also increased the weekly withdrawal limit to Rs 24,000 from Rs. 20,000 earlier. This limit will be increased in the coming days.
  •  No restrictions of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers.
  •  Rs 500 and Rs 1000 will cease to be legal tender from the midnight of November 8, 2016.
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Additional Directives for currency update

Till Nov 24 midnight, these places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:

# Government hospitals will continue to accept old Rs 500, Rs 1000 notes for payment.

# Railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept old notes for purchase of tickets.

# Petrol, diesel and gas stations authorised by public sector oil companies

# Consumer co-operative stores authorised by state or central government.

# Milk booths authorised by state governments

# Crematoria and burial grounds

Check out RBI notifications for more details.

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