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Government’s new directive that all the 500 and 1000 rupees notes that are currently in circulation will not be considered a legal tender effective midnight ,the 8th November 2016 , has been widely regarded as a historic move to combat the circulation and curbing of Counterfeit currencies.
The PM just announced that Rs. 500 and 1000 currency notes stand abolished from midnight, which is virtually with immediate effect.
Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.
Salient features of the scheme of Withdrawal of Legal Tender Character from existing series of Bank Notes in the denominations of Rs. 500 and Rs. 1000
To break grip of corruption & black money, 500.& 1000 Rs. notes presently in use will not be legal tender from midnight of 8th November 2016.
All scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain closed for public on Wednesday, November 9, 2016.
Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016.
On the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government hereby specifies the denomination of bank notes of the value of two thousand rupees.
Government declares that ₹ 500 & ₹ 1000 Banknotes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to following 8 transactions specified below,
Specified bank notes of aggregate value of Rs.4000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity
