The above shown note will be circulated as new Rs.500 and Rs.2000. When addressing the nation today prime minister of India addressed the public that Rs.500 and Rs.1000 notes will no longer be circulated and it goes invalid from midnight of November 08 (today) . Prime minister also state this is chance for citizen to fight against the corruption and black money. This sudden step is taken to fight against corruption and black money. These notes are ceased under certain conditions:
- These notes should be exchanged in banks, head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
- People who possess Rs.500 or Rs.1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
- Banks will be closed on November 9. ATMs will not function till November 9, and till November 10 in some places.
- Exemption for Government hospitals and international airports too.
- A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
- Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
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