The current notes of Rs 500 and Rs 1000 will no longer be valid from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation. Instead, notes of Rs 2000 and a newly designed Rs 500 are being introduced.
Here are highlights from his speech:
- From midnight, notes of Rs 500 and Rs 1000 will cease to be legal tender.
- Citizens will have 50 days — between November 10 and December 30 — to give in notes of Rs 1000 and 500 at post offices and banks.
- Those unable to submit all their old currency notes within the deadline, will be able to do so at the Reserve Bank of India up till March 31, 2017 by providing a declaration.
- ATMs will not function on November 9, and on November 10 in some places.
- For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes.
- RBI’s proposal for new Rs 2000 note has been accepted.
- All banks will remain closed on November 9 for public work.