Prime Minister while addressing the nation made a announcement that from Midnight Nov 8, 2016 today, Rs 500 and Rs 1000 notes are no longer legal tender.
“You have time period of 50 days (From 10 Nov to 30 Dec) to submit your currency notes of 500 and 1000 in nearest post offices,” he said.
All banks will remain closed on November 9 for public work. Those who can’t submit the notes within the deadline, can exchange it at Reserve Bank of India by providing a declaration. On November 9 and in some places November 10, ATMs will not work. ₹2000 notes to be introduced as well as new ₹500 notes will be brought into circulation.