People have a window of 50 days to return the notes, Modi saidIn a surprise move, the union government on Tuesday, effective midnight, withdrew the currency notes with a denomination of Rs1,000 and Rs500. The government will introduce a Rs2000 denomination note, after the other high denomination notes have been scrapped. People have a window of 50 days to return the notes, Modi said. Those unable to deposit their Rs1000 and Rs500 notes by 30 December for some reason, can change the notes till 31 March, 2017 by furnishing ID proof. Also Read: Scrapping Rs500, Rs1000 notes a costly ideaImplicitly, the PM is signalling an acceleration of the country towards a cashless economy.

Source: Mint November 08, 2016 15:10 UTC