Modi govt scraps Rs 500 and Rs 1000 currency notes from today: All you need to know

The existing Rs 500 and Rs 1,000 currency notes can be exchanged at any bank and post offices from November 10 to December 30

From November 9, the ongoing Rs 500 and Rs 1000 currency notes will be invalid. You will have to deposit these currency notes in the nearest bank and post offices between November 10 and December 30.

There is no need to panic. You will be issued new Rs 500 and Rs 2000 currency notes in place of the old ones. Here, we give you a sneak peek into the details of the new move announced by the Centre.

‘Move to check black money’

Prime Minister Narendra Modi on Tuesday stunned everyone by announcing that the existing Rs 500 and 1,000 currency notes will be scrapped from the midnight.

“There is a need for a decisive war against the menace of corruption, black money and terrorism… Corruption, black money and terrorism are festering wounds which make the country hollow from within,” Modi said in a televised address to the nation.

Adding further, Modi lamented that despite the government’s best efforts to put a check on black money, the country had just moved to the 76th spot from the dubious 100th slot.

Also Read: 10 highlights of PM Modi’s live address to the nation on black money & corruption

Also Read: “Surgical Strike on black money holders!” Twitter applauds PM Modi’s announcement

New currency notes

Hours after Modi’s address, the Reserve Bank of India unveiled a series of Rs 500 and Rs 2,000 denominations with new features and sizes. Take a look at the new Rs 500 notes. These notes are stone grey in colour and bear the dimensions of 63 mm by 150 mm.

Also, the Rs 2,000 currency notes have been introduced by the bank.

The Rs 2,000 note is the first one in the Mahatma Gandhi series, featuring a motif of Mangalyaan on the reverse. The currency note is magenta in colour and the dimensions are 66 mm by 166 mm.

Also Read: 5 things you can do with your old Rs 500, Rs 1000 notes

Also Read: 500 and 1000 currency notes abolished; Kudos to PM Modi for ‘surgical strike’ on black money

No need to panic

Those people who wish to get their notes replaced, here are some of the things they need to keep in mind. Till November 11, the following institutions will accept the old notes.

  • Government hospitals
  • Banks and post offices
  • Petrol and diesel stations authorised by oil companies
  • Consumer cooperative stores
  • Crematoriums and burial grounds

How do I exchange old notes?

Here are some important things to keep in mind in regard to the currency notes.

    • You can deposit the old Rs 500 and Rs 1,000 notes in the nearest post offices and banks from November 10 to December 30.
    • There is a limit of Rs 10,000 per day and Rs 20,000 per week as of now.
    • The ATM machines will not work on November 9 and 10.
    • From November 11, you can only withdraw up to Rs2,000 a day from the ATMs.
    • But there is no curb on exchange of money through online transfers and credit/debit card payments.