Tag Archives: PM Modi address on 500 1000 notes

Old Rs 500 1000 Notes Withdrawn from Nov 2016

Old Rs 500 1000 Notes Withdrawn

Old Rs 500 1000 Notes Withdrawn from 8th Nov 2016 midnight. Old Rs. 500,a nd Rs. 1000 notes withdrawn from midnight of 8th Nov 2016. Prime Minister Sri, Narendra Modi announced on 08.11.2016 that existing Rs. 500 and 1000 notes will not be used from 08.11.2016 midnight onwards. The existing Rs. 500 and Rs. 1000 notes must be deposited at either post offices or banks by the end of December 2016. Details are as follows:

Old Rs 500 1000 Notes Withdrawn

Old Rs 500 1000 Notes WithdrawnWhile addressing the country, Prime Minister Narendra Modi announced that Rs. 500 and Rs. 1000 notes will not be used from 08.11.2016 midnight onwards which was essential to fight “the disease of black money.” Some of the Points regarding to Old Rs 500 1000 Notes Withdrawn news from his address are:

Corruption and black money are diseases rooted in our country, they are obstacles to our success. We are among fastest-growing economies, but we also rank so high in global corruption rankings.

    • response for voluntary disclosure scheme was quite good. A Special Investigating Team is making progress to identify who has sent money abroad. 1.25 lakh crores of black money has been recovered.
    • We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices.
    • On 09.11.2016 and in some places on 10.11.2016 ATMs will not work. Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
    • Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till 11.11.2016. Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till 11.11.2016. There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.

  • To convert these, All should deposit the amounts in banks or post offices. Those unable to deposit Rs. 1000, Rs. 500 notes by 30.12.2016 for some reason, can change them till 31.03.2017 by furnishing ID proof
  • Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value

Download Rs 500 1000 Notes Withdrawn Details

For more details visit PM official website and download full speech.