Prime Minister Narendra Modi today announced for Rs 500 and Rs 1,000 rupees notes to be invalid from 8th November 2016 of 12 midnight time. This was announced on 8 pm in India news channels. PM said however all other notes Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 & Re 1 and all coins will be continue to valid. He is also said that the new notes that are Rs 500 and Rs 2000 will be introduced. He is also said that public have 50 days time from 10 November 2016-30 December 2016 to deposit old notes of Rs.500 and Rs.1000 after showing the identity proof.
Exchange of old notes limited Rs2000 between 10th November 2016 to 24th November 2016 after that the limit will increase to Rs4000 between 25th November 2016 to 30 December 2016. PM said Old note Rs.500 and Rs1000 will be valid at railway bookings, air tickets booking, Hospitals and government bus ticket counters will midnight of 11 and 12 November. Govt also added to ATM withdrawal limit Rs.2000 daily and later stage it will increase to Rs.4000.
Full Speech PM Narendra Modi address to the Nation