With Rs 500 and Rs 1,000 out of circulation what to do next

The announcement to do away with the Rs 500 and Rs 1,000 notes were made to curb the menace of fake currency that has been emanating from Pakistan for several years now.

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New Delhi, Nov 8 In the wake of Prime Minister Narendra Modi announcing that the Rs 500 and Rs 1,000 notes will not be valid from midnight today, here are the steps one needs to take.

currency

Modi announced that the new notes of Rs 500 and Rs 2,000 would be made available soon.

The announcement to do away with the Rs 500 and Rs 1,000 notes were made to curb the menace of fake currency that has been emanating from Pakistan for several years now.

Here is what you should do:

  • From midnight, Rs 500 and Rs 1,000 notes will cease to be legal tender
  • Notes of Rs 500 and Rs 1,000 can be submitted to post offices and banks between November 10 and December 30th
  • RBI to issue new Rs 500 and Rs 2,000 notes
  • Those who fail to meet deadline can submit the notes at the RBI by providing a declaration
  • For the next 72 hours special arrangements have been made to accept Rs 500 and Rs 1,000 notes at hospitals, airports, railways stations, petrol bunks
  • On November 9 all banks will remain closed for public work
  • RBI's proposal to circulate new Rs 500 and Rs 2,000 notes accepted

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