Government demonetises Rs 1,000 and Rs 500 notes: Ten things you should know

Rs 500 and Rs 1,000 are notes are mostly used in black money transactions, says Modi

Prime Minister Narendra Modi, on Tuesday, announced demonetisation of Rs 500 and 1,000 currency notes with effect from midnight as part of his government's fight against black money. The Rs 500 and Rs 1,000 notes to be deposited at post offices and banks by the end of December, said Narendra Modi.

1. From mid-night, Rs 500 and 1,000 currency notes will not remain legal.

2. RBI to issue new Rs500 and Rs1,000 currency notes.

3. A new series of Rs 500 notes and Rs 2,000 notes will be brought into circulation.

4. Banks will be closed on 9 November.

5. Notes must be deposited at post offices and banks by the end of December.

6. On 9 November and in some places 10 November, ATMs will not work

7. No restrictions on cash, demand draft transactions, internet banking.

8. Govt hospitals will accept Rs 500 and Rs 1000 notes from 8 November midnight

9. Reserve Bank of India shows the specimen notes of new Rs. 500 and Rs. 2,000 currency notes.

10. People must be careful while exchanging legal cash, says Economic Affairs Secretary Shaktikanta Das