In a surprise move, the government has scrapped existing Rs500 and Rs1,000 currency notes from midnight Tuesday (8 December). All debit cards are issued by banks and are linked to a bank account. Electronic fund transferThe other option is to electronically transfer money from one bank account to another. They also need to have a bank account and a registered mobile number. With these, they can create a virtual ID on the app or use IFSC code and bank account number to complete the transaction.

Source: Mint November 08, 2016 17:03 UTC