New 500 and 2,000 rupee denomination notes will be issued at a later date, he added. Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts without any limit from November 10 till December 30. Those unable to deposit Rs 1000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till March 31 next year after filling a declaration form along with proof and reasons, the Prime Minister said. Up to the midnight of November 11 and 12, Modi said, Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals. Modi also said militants operating against India were using fake versions of the 500 rupee note, worth about $7.50 at current exchange rates.

Source: The Telegraph November 08, 2016 15:49 UTC