Indian Currency Notes INR 500 and INR 1,000 notes pulled out of circulation

• PM Modi today announced that currency notes of Rs 500 and Rs 2000 denominations will not be legal tender from midnight between Tuesday and Wednesday, as soon as the date turns to November 9.

• He said Rs 500 and Rs 1000 notes can be deposited to post offices and banks without any charge till December 30. 

• The move aims at curbing corruption and tackling black money issues.

• Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. 

• ATMs will not work on November 9, and at some places on November 10 as well.

• Cashless fund transfers would remain unaffected.

• Hospitals, petrol pumps, railway reservation counters, airports, crematoriums and other key services will continue to accept the notes for 72 hours, till the end of November 11.