India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.
New 500 and 2,000 rupee denomination notes will be issued to replace them.
This announcement comes just over a month after the Indian government raised nearly $10bn through a tax amnesty for Indians to declare hidden income and assets.
Indian President Pranab Mukherjee called upon people not to panic and follow Govt guidelines for exchange of Rs 1000/500 notes
And he says the step of the Government will help unearth unaccounted money as well as counterfeit currency.
Tomorrow i-e 9th November the Banks will be closed. And, the ATMs won't work for another two days.
Anyway, people can use the old Rs.500 and 1000 at few places like Government hospital, Petrol bulk, Train/Air/Bus ticket booking counters, and milk booth.
People can deposit old notes of 500 or 1000 in their bank or post office accounts from 10th november till 30th December 2016 without any limit. And, there will be a limit on withdrawl of Rs 10,000 per day and Rs.20,000 per week. This limit will be increased in the coming days. And, people can exchange old notes at any bank, post office while showing ID proof. The limit for this is 4000 upto 24th November.
And, there will be no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
On 9th November and in some places on 10th November also, ATMs will not work. In the first few days there will be a limit of Rs 2000 per day per card. This will be rasied to Rs. 4000 later.
Read more details at below links.
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