Rs.500 and Rs. 1000 notes

Source: Hindustan Times Rs 500, 1000 notes scrapped The current notes of Rs 500 and Rs 1000 will cease to be valid from November 8 midnight, Prime Minister Narendra Modi announced in a televised address to the nation. Instead, notes of Rs 2000 and a newly designed Rs 500 are being introduced. He said, "Black money and corruption has taken roots in the country, these are the biggest obstacles in eradicating poverty." Here are highlights from his speech: 1. From midnight, notes of Rs 500 and Rs 1000 will cease to be legal tender. 2. Citizens will have 50 days (between November 10 and December 30) to give in notes of Rs 1000 and 500 at post offices and banks. 3. Those unable to submit all their old currency notes within the deadline, will be able to do so at the Reserve Bank of India up till March 31, 2017 by providing a declaration. 4. ATMs will not function on November 9, and on November 10 in some places. 5. For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes. 6. RBI’s proposal for new Rs 2000 note has been accepted. 7. All banks will remain closed on November 9 for public work. Words from this news: 1. Cease: bring or come to an end. 2. Legal tender: coins or banknotes that must be accepted if offered in payment of a debt. 3. Take roots: to begin to take hold or have effect. 4. Eradicate: put an end to 5. Televised: transmit by television 6. Declaration: a formal announcement 7. Scrap: discard