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PM takes nation by surprise: Bans 500, 1k notes

Rs 500 and Rs 100 banned

Bhubaneswar: ATM looters who had turned into a menace in the state in the past few days must be banging their heads against walls if they haven’t spent the loot yet, thanks to Prime Minister Modi’s surprise move of banning Rs 500 and Rs 1000 notes from Tuesday midnight.

The PM anounced that these notes can be exchanged at banks and post offices from Novemeber 10 to December 30 and urged the people not to panic.

“Banks and the government had to make necessary arrangements to make the present 500 and 1000 currency notes invalid and begin circulation of new notes. Hence, this was kept a secret so that black money hoarders cannot get away with their cash,” said Modi.

Cashless transactions will not be affected with implementation of new steps.

Major information on currency notes:

1. Rs 500 and Rs 1000 currency notes will not be legal tender from Tuesday midnight.

2. ATMs shut on Nov 9 & 10; banks shut on Nov 9

3. ATM withdrawal limits set post Nov 10: Rs 2,000 daily and Rs 20,000 weekly

4. New notes of Rs 500 and Rs 2000 to be circulated. Both are blind compliant.

5. The old notes can be exchanged at banks and post offices from Nov 10 to Dec 30.

6. The remaining old currency notes can be deposited at RBI till March 31, 2017.

7. For 72 hours, govt hospitals will continue to accept old currency notes.

8. For their immediate cash needs, these notes of value up to Rs 4000 per person can be exchanged for cash over the public counter of bank branches.

9. There is no limit on depositing money of any amount in banks.

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