Prime Minister Narendra Modi announced the scrapping of all 500 & 1000 indian rupee notes with an immediate effect from tonight 8th November by 12 pm and will no more be legal from 9th November tomorrow.
The main aim of this big move is to remove black money, corruption & terrorism on the nation. New Notes of 500 & 2000 will be released and circulated very soon.
Narendra Modi said that 500 & 1000 rupee notes can be deposited at banks & post offices without any charge till 30th December. He also announced that payments of medical & critical services are not affected by this move. Hospitals, petrol pumps, railway reservation counter, airports and other services will continue to accept the notes for 72 hours till November 11.
Banks will be closed for public business on November 9 to tackle the rush of the people who want to deposit their notes. Cashless funds transfers would remain unaffected. Atm’s will not work on November 9 and at some places on November 10.
source: The Economic Times