In a surprise announcement on Tuesday evening, Prime Minister Narendra Modi declared that Rs 500 and Rs 1,000 notes will be scrapped. Cracking down on black money and corruption, Modi announced that starting from 8 November midnight, these notes will become invalid.
Here are the key things you need to know:
Government scraps Rs 500 and Rs 1,000 currency notes
Fuel stations, government hospitals to accept the notes till 11 November Deadline to deposit all Rs 500 and Rs 1,000 notes at banks is 30 December.
The notes can also be exchanged at all banks between 10-24 November
RBI to introduce new Rs 500, Rs 2,000 notes
All banks to be closed on 9 November
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