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India to get New Rs 500, Rs 2,000 Notes on Nov 10; Old Rs 500 & 1000 note scrapped from midnight


Cinosural International An Elementry School Jammu

 

NEW DELHI, Nov 08: As replacement for the scrapped currency notes, new Rs 500 and Rs 2,000 notes will be issued from 10 November.

The people of India have been given 50 days to make the transition. The deadline to deposit all the illegal Rs 500 and Rs 1,000 notes is 30 December by showing government-issued ID proof.

However, for people who have not been able to submit notes by 30 December can visit the Reserve Bank of India till 31 march to submit the currency notes after filling a declaration form.

Further, Modi announced that ATMs will not work on 9, while some may not work on 10 November. The initial limit on ATM withdrawals till 11 November will be Rs 2,000. This limit will be increased slowly.

He also announced that all banks in India to be closed on Wednesday. Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.

 


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