Rs 500 1000 Notes Banned PM announcement
Rs 500 1000 Notes Banned from 8th Nov 2016 and the full PM announcement address to public is available online here for download. PM Modi made an Historic announcement on ending corruption and black money by abolishing Rs 500 and Rs 1,000 notes from 8th November 2016 midnight. From 12:01 am of 9th November 2016, none of these 500 / 1000 notes will be accepted anywhere as legal money. The move is believed to have been taken to curtail black money as well as combat the menace of forged currency notes. Download full announcement here:
PM announcement on Rs 500 1000 Notes Banned
Prime Minister Sri, Narendra Modi announced on 08.11.2016 that existing that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016 midnight onwards. The existing Rs. 500 and Rs. 1000 notes must be deposited at either post offices or banks by the end of December 2016. Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision announced on 08.11.2016.
Persons holding old notes of five hundred or one thousand rupees can deposit these notes in bank or post offices from 10.11.2016 onwards till 30.12.2016. There are also some limits placed on the withdrawals from ATMs and bank for the very short run.
Five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals, booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds.
There is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. The Government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation.
Download PM announcement on Rs 500 1000 Notes Banned
Procedure for exchange Rs 500 1000 notes at post office, Banks are given here online. For more details about PM announcement on Rs 500 1000 Notes Banned visit PM official website and download full speech.