Narendra Modi announced that new notes of Rs 500 and Rs 2,000 will be
made available soon.
New Delhi, Nov 9: In the wake of Prime Minister Narendra Modi announcing that
the Rs 500 and Rs 1,000 notes will not be valid from midnight on Tuesday, here
are the steps one needs to take. Modi announced that new notes of Rs 500 and Rs
2,000 will be made available soon. The announcement to do away with the Rs 500
and Rs 1,000 notes were made to curb the menace of fake currency that has been
emanating from Pakistan for several years now.
Notes will cease to be legal tender. Notes of Rs
500 and Rs 1,000 can be submitted to post offices and banks between November 10
and December 30th, 2016. RBI to issue new Rs 500 and Rs 2,000 notes. Those who
fail to meet deadline can submit the notes at the RBI by providing a
declaration. For the next 72 hours special arrangements have been made to
accept Rs 500 and Rs 1,000 notes at hospitals, airports, railways stations,
petrol bunks. On November 9 all banks will remain closed for public work. RBI's
proposal to circulate new Rs 500 and Rs 2,000 notes accepted.
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