Taking the nation by surprise, Currency notes of Rs 500 and Rs 1,000 denominations would cease to be legal tender from midnight tonight, Prime Minister Narendra Modi said late on Tuesday evening. In his first televised address to the nation, He said the newly designed Rs 500 and Rs 2,000 currency notes would be introduced in the months to come, but Rs 1,000 currency notes would remain scrapped.

Below are the 8 things which you should know about the demonetisation of Rs. 500 and Rs. 1000 notes :

1. ATM’s wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.

3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.

4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.

5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.

6. No changes in online, card, cheque or any other plastic money transactions.

7. 9th November, banks wouldn’t be available for public banking services.

8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.


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