Breaking News-500, 1000 rupee notes cease to be legal tender from midnight tonight: 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.





Banks will be closed on November 9.


There is no restrictions on internet banking, cash, demand draft transactions.

Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit

There are, however, some exemptions. Government hospitals and international airports.

The ATMs will not function till November 9, and in some places till November 10.

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.

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.

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.

 Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.

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