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Old Rs 500 and Rs 1000 notes, which are banned by government.
Old Rs 500 and Rs 1000 notes, which are banned by government.

Prime Minister Narendra Modi made an announcement during his address to nation that all the Rs 500 and Rs 1000 notes will be scrapped from today midnight.

This is a step taken by government to eradicate black money and corruption. But, there is nothing to worry about as there is a specific procedure to deposit your Rs 500 and Rs 1000 note in the bank.

Also Read: Click To Know How New Rs 500, Rs 2000 Notes Looks

Here is all you need to know, what to do with your Rs 500 and Rs 1000 notes, which are being discarded from today midnight:

  • Firstly, let us tell you, only Rs 500 and Rs 1000 notes will be scrapped and other notes or coins will have no effect on them and will be functional as usual.
  • Government has banned all the old Rs 500 and Rs 1000 notes, as they are planning to circulate new currency notes of Rs 500 and Rs 2000 in place of old notes.
  • If you have Rs 500 or Rs 1000 note then you can deposit them in your bank or post office accounts from November 10 and can be used in future by withdrawing them as per your usage.
  • Monetary transactions in hospitals and to purchase medicines the old notes will be legal till November 11.
  • PM Modi said, ” you have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight.”
  • New currency notes of Rs 500 and Rs 2000 will come in market from November 10.

Also Read: Rs 500, Rs 1000 Notes To be Scrapped With Effect From Midnight: PM Modi