Rs 500, 1000 notes to be void from midnight : PM Narendra Modi

Main points from PM Modi's speech: 1. Rs 2000 denomination notes to be introduced 2. Those unable to deposit Rs 1000, Rs 500 notes by Dec 30

CA Deepak Gupta

Nov 8, 2016

Last update on Nov 8, 2016

Main points from PM Modi's speech: 1. Rs 2000 denomination notes to be introduced 2. Those unable to deposit Rs 1000, Rs 500 notes by Dec 30 for some reason, can change them till March 31, 2017 by furnishing ID proof 3. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016

4. Currency notes of Rs 1000 and Rs 500 will be just paper with no value.

5. On one hand we are number one in economic growth but on other hand we are ranked close to 100 in global corruption perception ranking 500-1000-notes-cease-to-be-legal-tender

6 In the last two and half years, we have recovered Rs one lakh 20,000 crore rupees of black money

7. Banks will remain closed on 9th November 8. All banks and post offices will remain shut tomorrow 9. Some ATMs will not work on November 9 and 10 10. Cashless fund transfer won't be affected by this

11. Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight

12. Some medical facilities will be exempted from this for the time being

13. Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes

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CA Deepak Gupta

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CA Deepak Gupta,is Co-founder of Studycafe. He is Microsoft Office Specialist and Corporate Trainer of AI Tools, Microsoft Excel. He is Finance Influencer having more than 250K followers on Social Media. CA Deepak Gupta, is Having more than 14 plus years of experience, and he has Worked with best brands Like, Hero, Wipro, Ericsson before Starting Studycafe. He has Trained more than 20000 Persons in Microsoft Excel, PowerPoint, Power BI, Google Sheet, Google Forms and Other Tools.