INR 1000 & 500 rupee notes no longer legal tender!
Q. INR 1000 and 500 notes will cease to be legal tender from which date?- Published on 09 Nov 16a. 8th Nov
b. 7th Nov
c. 9th Nov
d. 6th Nov
ANSWER: 9th Nov
PM Narendra Modi has announced that
INR 1000 and 500 rupee notes will cease to be legal tender from
12:00 am 9-10 Nov 2016.- The announcement was made through a special nationwide televised address on Nov 8, 2016.
- PM Modi also appealed that those in possession of the notes can deposit it in accounts in banks and post offices from Nov 10 to Dec 30.
- Those unable to deposit the notes within the deadline for some reason can further change them till March 31, 2017 by furnishing ID proof namely Aadhaar card and PAN card.
- He also announced new currency notes of INR 500 and 2000 rupee denomination to be introduced.
- Major objective behind the Government’s decision is to ban the existing currency denomination is to curb black money in the market and phase out fake currencies.
- ATMs will dispense only INR 2000 per day later to be increased to INR 4000 per day.
- Till Nov 11, midnight, hospitals will accept INR 500 and 1000 notes on basis of prescription, they can buy medicines from drug stores on hospital shops.
- Government buses ticket booking counter and airlines will accept them for booking tickets till Nov 11 midnight.
- Petrol and CNG outlets, crematoriums and international airports will also have the leeway to accept INR 500 and 1000 notes till Nov 11.
- ATMs will be closed on Nov 9 and 10.
- Banks will be closed on Nov 9 for public transactions.
