Agreements signed at World Economic Forum for establishment of a dedicated freight corridor and economic zone near Karachi
Expressing concern over the circulation of fake currency notes, Reserve Bank of India governor Urjit Patel on Tuesday said the apex bank will launch new Rs 500 and Rs 2,000 currency notes from November 10.
"RBI will launch new currency notes from November 10," Economic Affairs Secretary Shaktikanta Das said while unveiling the new notes.
Also read: Rs 500, Rs 1,000 notes declared illegal in India
Both Patel and Das were briefing media after Prime Minister Narendra Modi in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become "mere paper".
"Banks will keep record of people who will come to exchange cash," Das added.
Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.
He also said that ATM withdrawals will be restricted to Rs 2,000 per day till November 11, when this limit may be increased slowly.
The Prime Minister said that the Rs 500 and Rs 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof.
Withdrawals from bank accounts will be limited to Rs 10,000 for the first few days.
Banks have also been ordered to remain shut on Wednesday, he said.
Modi said that for medical patients, the old notes will be accepted.
He also said that retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.
The decisions come after a cabinet meeting.
Agreements signed at World Economic Forum for establishment of a dedicated freight corridor and economic zone near Karachi
Newsweek releases results of first future possibilities index
Official calls on investors to be careful of exaggerated benefit offers
Government expenditure growth will likely be more modest in 2024
Exception says foreign firms without their regional headquarters in the Kingdom can get government contracts below 1 million riyals
The country also topped the list in terms of investment environment and attractiveness
For the third quarter of the year, the country records a 1.6% of year-on-year GDP growth rate
In the first six months of 2023 some 42,000 individuals departed Canada, adding to 93,818 people who left in 2022