Rs 500, Rs 1000 notes withdrawal: Modi announces certain exemptions for 72 hours

New Delhi: Prime Minister Narendra Modi announced the withdrawal of Rs 500 and Rs 1,000 notes in order to tackle the menace of black money, but with certain temporary exemptions at limited places.

Speaking at a specially televised conference, the Prime Minister said that the order would come into force from the midnight of November 8.

People holding notes of Rs 500 and Rs 1000 notes can deposit the same in their bank and post office accounts from November 10 till December 30, he said.

However, Modi took cognisance of the inconvenience that the move is expected to bring and announced certain temporary exemptions.

The exemptions would last for 72 hours at the following places:

• People, in need of medical emergency, can use the existing Rs 500 and Rs 1,000 at government hospitals till Friday, November 11.
• The existing notes will also be accepted at ticket booking counters of railway stations, government buses and airports.
• Petrol, diesel and gas stations authorised by public sector oil companies.
• Consumer co-operatives stores authorised by state or central governments.

The notes will also be accepted at milk booths authorised by state governments, crematoria and burial grounds till the next 72 hours.