News you can use: PM Modi announces scrapping of Rs 500, Rs 1000 notes

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

Rs. 500 and Rs. 1000 notes cease to be legal tender. #IndiaFightsCorruptionpic.twitter.com/mk5HV0N0Ro

— PMO India (@PMOIndia) November 8, 2016

• 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?

What a fantastic move against black money to ban Rs 500 and Rs 1000 notes! This will be a game changer. I welcome it wholeheartedly 👏👏👏

— Baijayant Jay Panda (@PandaJay) November 8, 2016