Rs.500 & Rs.1000Rs Currencies are Banned from tonight
“500 & 1000 rupee currencies are banned from tonight (November 8 , 2016)”
-These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
-From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.
-Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
-Corruption, black money and terrorism can come in the way of a country’s robust economic growth, says the Prime Minister.
-You can use 500 and 1000 rupee notes at Petrol pumps and Government hospitals till Nov 11 midnight.
-All banks will be shutdown tomorrow (Nov 9)
-New 2000 & 500 rupee notes will be replaced with old currencies by Reserve Bank of India.
-50 days of time is allotted to exchange the old 500 and 1000 rupee currencies at bank and post offices. (Starting from Nov 11 to Dec 30, 2016)
Hope this sudden move will be a check for corruption.