Prime Minister Narendra Modi addressed the Nation on Tuesday evening. Shri Modi informed that the Central Government has taken this historic stand to curb black money, corruption and counterfeit currency. Government has decided to demonetize Rs. 500 and Rs. 1000 currency notes. This means that all existing currency notes of Rs. 500 and Rs. 1000 cease to be legal tender.
The PM said that currency notes of existing Rs. 500 and Rs. 1000 can be exchanged at nearest banks from 10th November to 31st December. The amount can be deposited in bank account or post office. In one week, maximum of Rs. 20,000 can be withdrawn for personal use. Banks will provide a maximum of Rs. 10,000 per day to be withdrawn. Per day maximum of Rs. 4000 will be allowed for exchange. Per day per card maximum transaction of Rs. 2000 can be done at ATMs. However, ATMs will remain closed on 10th and 11th November. Emergency services like hospitals, medical stores, airports, railways will continue to accept existing Rs. 500 and Rs. 1000 currency notes till midnight of 11th November.