In his address to the nation, Prime Minister Narendra Modi explained the move as the government’s attack on black money.
These notes can be exchanged for lower denomination notes at post offices and banks from November 10 till the end of March 2017.
Black money worth Rs 1.25 lakh crore brought back to India .
India was earlier 100 on global ranking of corruption. Today it stands at 76th position
|Prime Minister Narendra Modi (Source: Twitter/@ANI_news)|
Here are the Important Highlights/Points regarding Government Decision to Abolish 500 and Rs.1000 currency Notes :
- Airport , Bus ticket Booking Counters to accept old notes till Nov 11
- All Banks to Remain closed tomorrow
- Daily Withdrawal Limit set @ Rs.2000 from ATMs
- Government Hospitals to accept Rs.500 & Rs.1000 notes till Nov 11
- Rs.500 , Rs.1000 currency no longer legal tenders
- 50 Day Window to exchange old Rs.500 and Rs.100 notes
- RBI to issue new Rs.500 and Rs.2000 notes
- Daily cash withdrawal from banks set @ Rs.10,000
- Maximum cash withdrawal at Rs.25,000 in a fortnight