All existing 500 and 1000rs cease to be legal tender from midnight, 8th November 2016.
On 8th November 2016, nearly by 8 pm our Prime Minister Shri Narendra Modi announced to the nation about this withdrawal of Rs.500 and Rs.1000 notes from the market. New specially designed Two thousand rupee notes and new Five hundred rupees will be placed in circulation by RBI india.
He declared that these decisions will fully protect honest and IT paying Indian citizens and those who have 500 and 1000 rupees from anti-social elements will become worthless pieces of paper.
The old notes can be deposited or exchanged to new money from any banks or post offices in india from 10th November onwards till 30th December. Those who cannot deposit within this period with a proper cause can submit the required documents and deposit or exchange the money within March 2017.
Although the prime note is that if the account holder deposits huge amount, the details will be passed to Income Tax Deparment and necessary actions to find the source of the money will be taken place.
There are support and oppose from the public and political leaders for this announcement.