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Prime Minister of India, Mr. Narendra Modi on Tuesday announced that the Rs 500 and Rs 1000 will not be legal tender anymore after 12 midnight 8th November 2016. This sudden measure was taken to crack down black money holders and clean the system completely of corruption.
He also announced that the Reserve Bank of India will soon issue new Rs 500 and Rs 2000 notes with special security features. Those who have 500 Rs or 1000 Rs notes with them would have to be returned to the bank by 30th December.
Those who are unable to do so can also get them replaced by 31st March 2017 by providing ID proofs.
Related links:
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New security features on INR 2000 and INR 500 currency notes
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