Money for nothing. Prime Minister Narendra Modi, in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become "mere paper".
Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.
He also said that ATM withdrawals will be restricted to Rs 2,000 per day till November 11, after which the limit may be increased slowly.
The Prime Minister said that the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof.
Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.
Banks have also been ordered to remain shut on Wednesday, he said.
Modi said that for medical patients, the old notes will be accepted.
He also said that retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.
The decisions come after a cabinet meeting.
The government will issue new Rs 500 and Rs 2,000 notes soon, Modi said.
Banks have been ordered closed on Wednesday, November 9.
A look at what it means for you:
** You can deposit old Rs 500 and Rs 1,000 notes in banks/post office accounts from November 10 till December 30, 2016, without any limit.
** There will be a limit on withdrawal from banks and post offices to Rs 10,000 a day and Rs 20,000 a week. The limit will be raised in the coming days.
** You can exchange Rs 500/Rs 1,000 notes at any bank, post office or sub-post office, showing ID proof, till November 24, 2016. The limit for this is Rs 4,000.
** ATMs will not work on November 9 (Wednesday), and in some places on November 10.
** Withdrawals from ATMS will be limited to Rs 2,000/day per card. This will be raised to Rs 4,000 later
** For 72 hours, the following services will accept Rs 500/Rs 1,000 notes:
Government hospitals, Railway ticket booking counters, government buses and ticket counters at airports.
Petrol, diesel and gas stations authorised by public sector oil companies.
Consumer cooperative stores authorised by state or central government, milk booths authorised by the state government and crematoria and burial grounds. (IANS)