Prime Minister Narendra Modi Big Announcement on Bank Notes Rs 500 and Rs 1,000 Currency Notes Scrapped


Today, one of the big announcements was announced by our Prime Minister Narendra Modi. The PM announced that Rs.500 and Rs 1000 notes must be deposited at post offices and banks by the end of December. So, return your currency at your Bank branch or Post office from 10 Nov to 30 Dec 2016.

Prime Minister Narendra Modi Big Announcement on Bank Notes Rs 500 and Rs 1,000 Currency Notes Scrapped

You should know these important things:

  • 100, Rs.50, Rs. 20, Rs.10, Rs.5, Rs.1 notes and all coins remain legal tender.
  • Old notes of Rs 1000 and Rs 500 can be deposited at all bank branches and all post offices from November 10 to December 30
  • An ID proof like Aadhar Card, Passport, and Bank Pass Book will have to be presented while depositing the notes
  • The money thus deposited in an account will remain with the account holder
  • ATM counters and bank branches will remain closed on November 9 (tomorrow) and in some places even on November 10
  • New Rs 500 and Rs 2000 denomination notes will be available from November 11. No new Rs 1000 notes will be issued by the Reserve Bank of India.
  • From November 11 there will be a maximum draw limit of Rs 2000 at ATMs, later it will be increased to Rs 4000
  • From 72 hours from midnight of tonight i.e. till the midnight of November 11, government hospitals, railway and government bus counters, airline ticket counters, milk booths, petrol/diesel/CNG pumps, state co-operatives, crematoria and burial grounds will continue to accept old notes

The biggest step by Mr. Modi in his fight against corruption.  So, don’t be late and deposit your old Rs.500 and Rs.1000 notes at your nearby Post Office and Bank.


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