Prime Minister Narendra Modi, in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become "mere paper".
RBI Governor Urjit Patel announced that the RBI has started printing the news Rs 500 and Rs 2,000 notes, and will be made available to the public soon. The RBI called it a bold and decisive step to deal with black money and curb terrorism.
What you can do with your Rs 500 and Rs 1000 currency notes:
The Rs 500 and Rs 1000 currency notes you have is just paper from midnight
Change them at the bank or post office between November 10 and December 30.
Carry your Aadhaar card or Pan card when you go to exhange notes.
You can also exchange these notes at Reserve Bank specified institutions from December 30 till March 2017.
And in case you are unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof.
You can use the notes till November 11 at hospitals, airports and railways.
Government will set up control room 22602944 to attend to queries regarding currency.
What you need to know
Banks will be closed on November 9.
ATMS will not function on November 9 and in some places on November 10.
Initial withdrawal limit will be Rs10,000 per day and Rs 20,000 per week.
There is no restriction on internet banking, cash, demand draft transactions.
The RBI will soon introduce new Rs 500 and Rs 2,000 notes with a new design.
RBI announced that the notes will be introduced from November 10 and will be smaller than the present notes. The Rs 500 notes will be called the Mahatma Gandhi series. The Rs 2,000 notes will have pictures of Mahatma Gandhi and Mangalyaan on it.