Prime minister Narendra Modi in his speech today has announced that Notes of Rs 500 and 1000 will no longer be valid from today onwards.
What, how and when:
- Rs 500 and 1000 notes to be exchanged via banks and post offices from 8 November to December 30.
- On 9th November ATM’s will not function.
- Some of them will now work on 10th November as well.
- On a single date notes of 10,000 can be exchanged.(upper limit)
- No transaction from rs 500 and rs 1000 from midnight of November 8th.
Now the moves and public reaction has to be closely watched today onwards. Let’s wait for the reaction to come out. From market as well as public.