New Rs 500 and Rs 2000 notes to be available from Nov 10 onwards from banks and ATMs

In a bid to crackdown on black money and corruption, Prime Minister Narendra Modi said Rs 500 and Rs 1000 currency notes will be scrapped from midnight.

Elucidating the details, the Reserve Bank of India (RB) said it was concerned about the growing fake Indian currency notes and measures were taken keeping the long term interest on economy in mind.

“RBI has been concerned about growing menace of fake Indian currency notes, which has been increasing in numbers,” said RBI Governor Urjit Patel

“Decision of government to cancel legal tender status of rupee notes is a very bold and power and decisive step to fight black money. There have been reports that lots of law enforcement agencies have been getting that money has been used to fund terrorism,” said Secretary, Economic Affairs, Shantikanta Das.

The RBI will be issuing new currency notes of Rs 500 and Rs 2000 from November 10 onwards and on Nov 9, banks and ATMs will be closed.

“RBI will release new currency notes with new features, designs and dimensions from 10 November onwards. Other denomination currency notes will be printed in due course,” said Das.

He said if someone is receiving Rs 1000 and Rs 500 notes after tonight, will do it at his own risk.