All notes in the denominations of Rs 100 or less and all the coins currently in circulation in India will continue to be legal. People currently holding old Rs 500 and Rs 1000 notes can deposit them in banks or post offices between November 10 and December 30. Banks will remain close on November 9. ATMs will not work on November 9 and also on November 10 in some regions across the country.
For the next few days, Indian citizens can withdraw only Rs 10,000 from their accounts per day and not more than Rs 20,000 per week. ATM withdrawals will be restricted to Rs 2,000 per card, per day and it will be increased to Rs 4,000 in the coming days.
In order to avoid causing inconvenience to the citizens, the Prime Minister said that government hospitals, crematoriums, government co-operatives and fuel pumps will continue to accept the old notes until November 11. People can also buy bus, train and air tickets for the next two days using these notes.
The move has come as a blow to the black currency hoarders, however, it is being appreciated by most Indian citizens. (KD)
Fibre2Fashion News Desk – India
Fashion | On 25th Apr 2017
LVMH and Christian Dior, which holds directly and indirectly 41 per...
Information Technology | On 25th Apr 2017
It is the era of smart. Intelligent materials like self-repairing...
We constantly communicate with employees at all levels
'Worsted wool is the ideal fabric for menswear'
'Hugo Boss works with carefully selected sourcing partners'
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Larry L Kinn
Larry L Kinn, Senior Vice President - Operations Americas of Suominen...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
Somaiya Kala Vidya
Among the many honours showered on Frater, including Fulbright and Ford...
"You have to truly understand what your client wants, know her needs, what ...
"Now we can see the Russian trend in international fashion. And Russian...