The Government of India has announced that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
The one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender. There will be no restriction on non-cash payments by cheque, demand drafts, debit or credit cards and electronic fund transfer.
It is expected that ATMs will not work tomorrow and all banks will stay shut for the day
The move, announced during a live television address to the nation by Prime Minister Shri Narendra Modi, is being made to fight corruption, black money and counterfeit notes.
Old five hundred or one thousand notes can be deposited in banks or post offices from 10th November until the 30th December. It was also announced that there will be limits placed on withdrawals from ATMs and banks in the short term.
A new two thousand rupee note will be introduced and a new five hundred rupees notes will enter circulation.
Government hospitals, booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies will continue to accept the current five hundred and one thousand rupees notes.
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