• News you can use: PM Modi announces scrapping of Rs 500, Rs 1000 notes

    In what’s a crackdown on black money, the Prime Minister today announced de-notification of 1000 rupee and 500 rupee notes.

    • There will be a 50 day transition period until Dec 30th 2016 to go and surrender the notes to your bank, at your post office
    • Currency notes of 100, 50, 20 & all other coins are vaild, there is no stoppage on their circulation
    • Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes
    • Some ATMs won’t work on November 9 & 10

    • Withdrawal limit from ATMs set at Rs 2000 per day for now
    • Withdrawal limit from banks set at Rs 10000 per day
    • Banks will stay closed on 8th November
    • Government plans to launch new 500 rupee notes eventually and a 2000 rupee note which are likely to have a new series with new features that prevent printing of fake currency
    • New bank notes with new coding expected in circulation – slightly smaller in size – from Nov 11
    • New currency notes will also be in braille
    Is this going to promote cashless economy?

    Is this going to promote cashless economy?

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