500, 1000 rupee notes cease to be legal tender from midnight tonight: PM Modi

Srinagar: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.

The ATMs will not function till November 9, and in some places till November 10.

People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.

These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.

You have a time period of 50 days to submit your currency notes of 500 and 1000 in the nearest post offices & you needn’t rush for this.

# Old Rs 500 and Rs 1000 notes can be deposited in any bank or Post Office from November 10 to December 31.