To stop the spread of counterfeit notes, which is aiding terror activities from across the border, the government has decided to scrap the notes of Rs. 500 and Rs. 1000, Prime Minister Narendra Modi said today. Starting midnight, these notes will only be “worth the paper they are printed on,” he said.
A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.
There will be no change in any other form of monetary exchange — cheque, DD, payment via credit or debit cards, he said.
Here’s what you need to do with your Rs. 500 and Rs. 1000 notes.
- Change them at the bank or post office from November 10 to December 30
- Take Aadhaar card and Pan Card when you go to exchange these notes
- After December 30, these can be changed at the Reserve Bank with a declaration
- Tourists can change the notes at airports