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PM Modi declares war on black money, discontinues Rs 500 and Rs 1000 notes: 10 top things to know

Prime Minister Narendra Modi While Addressing The Nation On Tuesday Has Made Some Major Announcement On The Use Of Currency In The Country.

News Nation Bureau | Edited By : Manas Dwivedi | Updated on: 08 Nov 2016, 10:36:46 PM
Representational Image (Source: Getty)

New Delhi:

Prime Minister Narendra Modi while addressing the nation on Tuesday has made some major announcement on the use of currency in the country. To curb the black money and illegal currency markets, PM has declared the invalidity of 500 and 1000 rupee currency notes in the country from November 9.

After the crucial announcement, take note about these 10 important things which you should keep in mind while using the currency:

# Rs 500 and 1000 notes not invalid from November 8 midnight.

# Citizens need to deposit available cash in bank accounts till 30 December 2016 ; 50 days left

# Other than all available banks, post offices across the country will also be available to deposit money.

# ATM machines will remain closed on 9th and 10th November.

Also read: PM Modi's war on black money: Political reactions after Rs 500 and Rs 1000 note stand invalid

# Only amount up to Rs. 2000 can be withdrawn from ATM till 11th November in a single day.

# Bank will remain closed on Wednesday i.e. November 9, 2016

# Currency notes of 100, 50, 20 & all other coins are valid, there is no stoppage on their circulation.

# New Rs. 2000 note will be introduced to curb the syndicate of black money.

# There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.

CNG gas stations, petrol pumps and retail outlets can also accept notes till Nov 11 midnight, but they will have to maintain records.

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First Published : 08 Nov 2016, 09:02:00 PM