Prime Minister Narendra Modi talked about fighting corruption and black money during his address to the nation. In a major step to check black money, the prime minister announced demonetization of Rs 500 and 1000 currency notes.
- From midnight, the Rs 500 and Rs 1000 will cease to be legal tender.
- The 500 and 1000 Rs notes can be submitted to the post offices and banks from 10th November to 30th December.
- Those who can’t submit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration.
- On November 9 and in some places November 10, ATMs will not work.
- For 72 hrs, until Nov 11 midnight special arrangements made. All government hospitals will accept old 500 & 1000 notes.
- RBI’s proposal for new Rs 2000 note has been accepted.
- On November 9, all banks will remain closed for public work.