Prime Minister Narendra Modi announced that 1000 and 500 rupees notes will cease to be legal tender from midnight 8-9 November 2016. The announcement was made via a special nationwide televised address on 8 November 2016.
PM Modi in his announcement appealed that those who are in possession of these notes can deposit the notes in their accounts in banks and post offices from 10 November to 30 December 2016. He also said that those who are unable to deposit the notes within the deadline for some reasons can change them till 31 March 2016 by furnishing ID proof (Aadhaar card and PAN card).
Besides, he also announced that new currency notes of 500 and 2000 rupees denomination will be introduced.
The major objective behind the Government's decision to ban the existing currency denomination is to curb black money in the market and cease out face currencies.
Important facts about Rs 500 & Rs 1000 notes banned from 08 November 2016 from 12 PM
Besides government’s direction where these notes can be used, the Traffic police of Gujarat decided not to collect fines from offenders for two days. The decision was taken with an aim to provide relief to people hit by government’s sudden move.
Who: Central Government
Where: New Delhi
When: 08 November 2016