Last night on 08-Nov-2016 Prime minister of India Shri Narendra Modi declared that 500 and 1000 Rs notes will not work in India from now.
Prime Minister of India Shri Narendra Modi announced that 500 and 1000 Rs notes are banned in India after 11 November 2016.
So now you are thinking that what to do for old currency which already we have, do we throughout in trash or not?
What to do for old 500 and 1000 Notes?
At midnight of 8th November 2016 Indian government declared banned of Rs 500 & Rs 1000 notes in India. But Indian government has give solution to exchange 500 and 1000 Rs. Notes at Bank and Post office.
The new notes of Rs 500 and Rs 2000 will be launched soon and it will be available in Banks and Post office. You can exchange 500 and 1000 notes by taking new notes of 500 and 2000 from banks and post office.
However bank and ATM will be closed on 9th November 2016 and 10th November 2016 in India so if you would like to exchange 500 Rs and 1000 Rs notes on 11th November 2016.
ATM will be closed because of government have to update their system on ATM machine for new 500 and 2000 notes identity.
Not all ATM will be closed in that day but some ATM will work on that day and you can withdraw only 2000 maximum rupees on these days.
The 500 and 1000 Rs of notes will not work in Government hospitals, Airport, Railway Station, Government Buses, Co-operative shops and Petrol pump after night 12:00 Clock at 11th November.
If you couldn’t change that 500 and 1000 Rs notes before 11th November then you have to use 100 Rs notes in Railway Station, Hospitals, International Airport, Cooperative Shops, Bus Station and Petrol Pumps after above mentioned dates.
Indian Government has given us relaxation to exchange Rs 500 and Rs 1000 Notes on Banks and Post office till 31st December 2016.
Rs 500 and Rs 1,000 Notes Invalid:
Modi Government in India has taken great and historical decision to banned Rs 500 and Rs 1000 notes in India from 8th November 2016 in India.
By taking this decision black money will be come out from Indian economy. So from 9th November 2016 Morning it will not work in India for any transaction.
Due to this biggest decision by Modi government value of Rs 500 and 1000 will be zero in market.
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