Rs. 500 And Rs. 1,000 Notes Being Discontinued from 08-11-2016 Midnight

Today on 08th November 2016, Honb'le Prime Minister of India Mr. Narendra Modi announced that Rs. 500 and Rs. 1,000 Notes shall be discontinued from 08-11-2016 Midnight.

Important Points of PM's Announcements:

Rs. 500 and Rs. 1,000 Notes shall be discontinued from 08-11-2016 Midnight
These notes can be deposited to Banks or Post Offices between 10th of November to 24th of November.
This would not influence the value of your currency.
These notes can also be replaced with the newly made notes between 10th of November to 24th of November but upto Rs. 4000 only.
After 25th of November the limit of Rs. 4000 shall be increased.
It would not have any influence on payments made through checks, credit cards, debit cards.
Ticket of Railways, Airways and Government Buses may be purchased using current notes by 11th of November.
All ATMs shallbe closed on 9th and 10th of November.
After 10th of November Rs. 2000 can be withdrawn using one ATM card. This limit shall increase upto Rs. 4000 after that.
Government Hospitals shall accept current notes upto 11th of November.

Why it's done:

To stop the business of duplicate notes
To reveal the existence of black money
To discourage defaulters
To discourage the terrorists who use duplicate notes for their business enhancements