In a masterstroke that shocked and surprised the nation, Prime Minister Narendra Modi has announced today that from midnight, Rs 500 and Rs 1000 notes of the Indian currency will be banned. The PM said that the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight”. However, all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. Be advised that banks will remain closed tomorrow and ATMs will also not function tomorrow and the day after. Also, ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.(ALSO SEE Prince William shook hands with Narendra Modi. Here’s what happened next!)
In his address, Modi clarifies that this is an important step in the fight against corruption and black money. People holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30, the PM said. Also, he announced that announced that new notes of Rs 2000 and Rs 500 will be introduced.
Travelers, especially foreign tourists, need to take note of this situation. You may see long queues at ATMs till midnight since they will remain closed for the next two days. Also, if you do make your way to an ATM, withdraw Rs 400 so that you get Rs 100 notes and not the Rs 500, 1000 ones which will be useless post midnight. You can still use your cards for transactions.
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