In what’s a crackdown on black money, the Prime Minister today announced de-notification of 1000 rupee and 500 rupee notes.

  • There will be a 50 day transition period until Dec 30th 2016 to go and surrender the notes to your bank, at your post office
  • Currency notes of 100, 50, 20 & all other coins are vaild, there is no stoppage on their circulation
  • Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes
  • Some ATMs won’t work on November 9 & 10

  • Withdrawal limit from ATMs set at Rs 2000 per day for now
  • Withdrawal limit from banks set at Rs 10000 per day
  • Banks will stay closed on 8th November
  • Government plans to launch new 500 rupee notes eventually and a 2000 rupee note which are likely to have a new series with new features that prevent printing of fake currency
  • New bank notes with new coding expected in circulation – slightly smaller in size – from Nov 11
  • New currency notes will also be in braille
Is this going to promote cashless economy?
Is this going to promote cashless economy?