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

Govt bans 500 and 1000 rupee notes, don't panic - here's what you need to know

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

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  • 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?

500 and 1000 rupee notes banned new currency regime in india
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