November 8, 2016 wpid-wp-1478620656399.jpeg

​Rs 500 and Rs 1000 Notes Scrapped: 10 Things to Know

Rs 500 and Rs 1000 notes have been scrapped by the government in an effort against black money

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1. will be closed tomorrow for public transactions and ATM will not function – in some places also on Thursday November 10, said PM Modi – to allow banks to make changes.

2.You have a 50 day window from November 10 to December 30 this year to exchange these notes at banks and post offices. You must carry your Aadhaar card and Pan Card when you go to exchange notes.

3.After December 30, these can be changed at the Reserve Bank of India.

4.Tourists can change notes at airports.

5.For 72 hours or till November 11, government hospitals will accept Rs 500, 1000 notes. A doctors prescription must be carried with such notes.

6.Counters for railway, bus and air tickets too will accept these notes for 72 hours for purchase of tickets.

7.This will also be allowed till Nov 11 at petrol stations authorised by public sector oil companies, milk booths and crematoria and burial grounds.

8.Notes of Rs 100 and lower denominations will all continue to be legal tender.

9.Coins too will continue to be legal tender. Online transactions and card payments will not be affected.

10.The RBI has accepted a proposal for new 500 and 2000 rupee notes, the Prime Minister said.

New Delhi: In his government’s battle against black money and counterfeit currency, Prime Minister Narendra Modi has announced that Rs 500 and Rs 1000 notes will cease to be legal from midnight today.


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