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Rs 500 and Rs 1000 notes cease to be legal tender from midnight

Rs 500 and Rs 1000 notes will cease to be legal tender from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation.


Here are highlights from his speech:
- From midnight, the Rs 500 and Rs 1000 will cease to be legal tender.
- The 500 and 1000 Rs notes can be submitted to the post offices and banks from 10th November to 30th December.
- Those who can’t sumbit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration.
- On November 9 and in some places November 10, ATMs will not work.
- For 72 hrs, until Nov 11 midnight special arrangements made. All government hospitals will accept old 500 & 1000 notes.
- RBI’s proposal for new Rs 2000 note has been accepted.
- On November 9, all banks will remain closed for public work.
  1. Notes of 500/1000 up to the value of 5000/- can be changed at airport.
  2. From 01.01.2017 new currency of Rs 500 and Rs 2000 will be issued.
  3. No person can withdraw more than 10000 Rs per week per debit card/account.
  4. If you are unable to change the notes from bank by 30.12.2016 then you have second option deposit in bank by 31.03.2017 along with documentary proof.
  5. No person can withdraw more than 2000 Rs per day per debit card/account in next two three days but will be increased to 4000/- per day after days.




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