Summary of the important announcement :
1. Black money issue, 500 rupees and 1000 rupees banned from Midnight.
2. ATM's wouldn't wouldn't work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.
3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.
5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
6. No changes in online, card, cheque or any other plastic money transactions.
7. 9th November, banks wouldn't be available for public banking services.
8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
9. This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.
Notes of Rs 500 and Rs 1000 cannot be legal for exchange() beginning from November 8 midnight & November 9. This was announced by Prime Minister Narendra Modi in a special address to the nation on Tuesday evening. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation's economy.
The legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9.
He said Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 30. Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers would remain unaffected.
"Your money is yours. You will note lose anything. The government will ensure that," said PM Modi, in his address to the nation.
"We should be able to make the sacrifice of adjusting to the such a move in national interest, as it aims to tackle the evils of corruption, black money, fake currency and terrorism," said PM Modi.
He also announced a number of safeguards to ensure that medical payments or other critical services are not affected by the move. Hospitals, petrol pumps, railway reservation counters, airports, crematoriums and other key services will continue to accept the notes for 72 hours, till the end of November 11, PM Modi said.
The extreme measure came almost immediately after PM Modi chaired a meeting of the Union Cabinet. Earlier in the day, Modi had also met National Security Adviser Ajit Doval and the chiefs of the armed forces.
Before making the announcement, Modi had explained the rationale for the move. He had stressed on the negative impact of corruption, black money, fake currency and terrorism on the economy
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