Prime Minister Narendra Modi on Tuesday introduced severe actions to stop Black Money, declaring Rs 500 and Rs 1,000 currency notes as illegal from midnight.
1,000 and 500 rupee notes will stop being legal and those who are in possession of these notes can deposit the notes in their accounts in banks and post offices from 10th of this month to 30th of December this year.
Those who are not able to deposit the notes within the due date for some reasons, can change them till 31st of March next year by providing Identification proof, PM said.
He was quoted saying, new currency notes of 500 and 2000 rupees denomination notes to be launched.
Automatic teller machines will not function for next 2 days and afterwards amounts upto 2 thousand rupees can be withdrawn from ATMs. He said, during this period, old notes of 500 and 1000 denominations will be accepted in Government hospitals in the meantime. He said, banks will be closed on Wednesday.
Petrol Pumps, CNG Stations, Milk Booth, Consumer Cooperative stores and crematoriums will accept old notes in the next 72 hours. Railway booking counters, ticket counters of Government Buses and airline ticket counters will also accept the old notes for the next 72 hours.
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