These are the new Rs 500, Rs 2,000 notes in India

Photo tweeted by ANI News

New Delhi - Notes of denomination Rs 500 and Rs 1000 are being withdrawn from circulation.

By IANS

Published: Tue 8 Nov 2016, 7:09 PM

Last updated: Wed 29 Nov 2023, 12:08 PM

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.

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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Modi in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight.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.