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New Rs 2,000 note, Rs 500 and Rs 1,000 banned, withdrawal limit set: Key points from PM Modi's address

Announcing the discontinuation of existing Rs 1,000 and Rs 500 notes with effect from midnight on 8 November 2016, the Narendra Modi government has outlined following steps to make it easier for citizens for the transition:

1. In the next 72 hours —

  1. Government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payments.
  2. Ticket booking counters of railway, government busses and airlines counters at airports will accept the old notes for purchase of tickets.
  3. Petrol, diesel and gas stations authorised by public sector oil companies to accept old notes.
  4. Consumers cooperative stores authorised by state or central government, state government authorised milk booths will accept the old Rs 500 and Rs 1,000 notes.
  5. Crematoria and burial grounds will also accept the old notes.

2. In order to exchange the old notes, public can —

  1. Deposit the old notes of Rs 500 and Rs 1,000 in banks or post office accounts from November 10, till December 30, 2016 without any limit.
  2. There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
  3. ATMs will not work on 9 -10 November.
  4. In the first few days there will be a limit of Rs 2,000 per day per card. This will be raised to Rs 4,000 later.
  5. Exchange old notes of Rs 500 and Rs 1,000 at any bank or head post office or sub-post office amounting to Rs 4,000 while showing ID proof up to 24 November.
  6. No restriction of any kind of non-cash payments by cheque, demand draft, credit cards and electronic fund transfer.

With inputs from PTI

Also read:

Rs 500, Rs 1,000 note ban: Industry terms it 'watershed' moment in fight against black money
Rs 500, Rs 1,000 to go off immediately, Hasmukh Adhia calls is 'surgical strike on black money'
Rs 500, Rs 1,000 banned: Resale property market, small builders to be hit by PM Modi's revelation
Rs 500, Rs 1,000 banned: Govt's currency strike to push many towards gold

Updated Date: Nov 09, 2016 00:38 AM

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