11/08/2016

Rs.500 and Rs.1000 - No longer Legal

PM Narendra Modi has announced an important measure to curb Black Money.
8 Nov - Live updates:


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8:00 pm: The PM's address to the nation begins.
8:02 pm: India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank
8:03 pm: This govt is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.
8:04 pm: Mr. Modi listed out the various schemes, including the Jan Dhan Yojana launched by NDA government in his address to the nation.
8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone's responsibility to eradicate poverty.
8:07 pm: He moves on from corruption to terrorism. He tells "terrorsists from across the border" are spreading counterfeit currency notes.
8:10 pm: the Prime Minister emphasises that Corruption, black money and terrorism can come in the way of a country's robust economic growth.
8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. "These notes are just papers from tomorrow," says the prime minister.
8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
8:22 pm: The ATMs will not function till November 9, and in some places till November 10.
8:25 pm: There are, however, some exemptions. Government hospitals,
8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.

Final News

▶Rs.500 and Rs.1000 will no longer be legal - Effective from midnight(8 Nov) .
▶ Last day to exchange notes is December 30,2016.
▶The notes can be exchanged in Banks and Post Offices. They will ask for Aadhaar, PAN card or voter ID card.
▶ATMs will not be functional for the next two days (9 and 10 November).
▶500 Rs and 1000 Rs notes will be accepted in Railway Stations, Government Hospitals, and Railway Stations till November 11.
▶Tomorrow(9 November) will be a holiday for Banks.

PM Narendra Modi has announced this measure to curb Black Money.