In a move to fight against black money, Prime Minister Narendra Modi has announced that the currency notes of Rs 500 and Rs 1,000 denominations would be abolished from the midnight of November 8, which means they will become mere paper past midnight.
However, the old Rs 500 and 1,000 notes will be accepted in government hospitals, petrol pumps and CNG gas stations until November 11 midnight.
People will be given 50 days, from November 10 to December 30, to deposit or exchange Rs 500 and Rs 1,000 notes at any bank or post office.
The Reserve Bank of India (RBI) will issue new Rs 500 and Rs 2,000 notes very soon. However, there won't be any change for notes and coins of other denominations like Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1.
Here is how the new Rs 500 and Rs 2,000 notes will look like.
All bank ATMs will be closed on November 9 and November 10. Even when ATMs become functional, people can initially withdraw only up to Rs 2,000 before increasing the withdrawal limit to Rs 4,000, according to reports. Meanwhile, there won't be any cap on non-cash payments and transactions.