An astonishing and welcome announcement was made by PM Narendra Modi on 8 Nov 2016 on television:-
Starting midnight of 8 Nov 2016, Rs 500 and Rs 1000 notes will no longer be legal tender.
Indian Prime Minister Narendra Modi announced that this step was being taken to curb black money. Rs 500 and Rs 1000 notes will now be just paper with no value attached. This was PM Modi’s first televised address to the nation.
| Important event for Rs 500 and Rs 1000 note ban | Rs 500 Rs 1000 note ban / exchange dates |
|---|---|
| Ban effective | November 8, 2016 midnight |
| ATMs to remain close all over India | November 9, 2016 |
| In some parts of the country ATMs will also not work | November 10, 2016 |
| Commencement of submission of Rs 500 and Rs 1000 notes in banks and post offices | November 10, 2016 |
| Last date to submit notes | December 30, 2016 |
| Last date to declare amount with RBI if unable to submit notes | March 31, 2017 |
Steps being taken
- If anyone is having notes of Rs 500 and Rs 1000, then they can can deposit the same in bank and post office accounts from November 10 till December 30. To deposit in bank you only need to show valid ID card.
- All other currency notes shall be unaffected. Likewise all coins will be valid.
- In the event that you are unable to deposit the notes by said last date then you can declare it with Reserve Bank of India as per schedule.
- Tourists who are carrying these notes can exchange them in a hassle free manner at the airport.
Banks and ATMs to not function for one-two days
On 9 Nov’16, no ATM will function all across the country. However services shall resume on next day. In certain places ATMs may not function on 10 Nov’16.
Banks will remain closed in India on 9 Nov’16.
“Corruption, fake currency and terrorism are festering wounds, holding back the economy”
Modi’s announcement comes just days after some leaders suggested that currency notes of Rs 1000 and Rs 500 denominations should be abolished to curb black money in the country.
The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years.
