Your 500 and 1000 Rupee notes are worthless from midnight !!

New Delhi, Nov 8: PrimMinister Narendra Modi shocked the country by taking a bold decision regarding currency notes. Modi declared that all existing Rs 500 and Rs 1000 notes will be scrapped from midnight. The Government would replace the notes with new Rs 500 and Rs 2000 notes shortly. Modi announced that a time frame of 50 days, from November 10 to December 30, will be provided to the citizens to replace the notes. How long can the existing Rs 500 and Rs 1000 notes can be used for cash transaction?
Rs 500 and Rs 1000 notes cannot be used for transaction from today midnight. From 12 AM, the notes would be illegal for transaction. The decision has already created chaos among people. By the time this report is first published, citizens would be left with nearly two and a half hour to replace their bigger denomination notes with smaller ones. ATMs would remain closed today and tomorrow. Banks would remain closed tomorrow.
The existing Rs 500 and Rs 1000 notes could only be used at railway stations, bus stands, hospitals and medical stores inside hospital for next 72 hours. Till November 11, the existing currency notes of Rs 500 and Rs 1000 could be used at the above places. “This step has been taken keeping the travellers and patients in mind,” Modi said.
While articulating the decision taken by his government, Modi said, “This is an important step to fight corruption. We have to take this bitter pill to fight corruption and black money. This is the greatest obstacle for economic development in the nation. We have to fight the use of counterfeit currency notes, which is being used to finance terrorism.”

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