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Currency Note of Rs 500 and Rs 1000 are illegal after 12:00 AM

Vipin Sanger (Accounting and Tax Professional) (699 Points)

08 November 2016

BRAKING NEWS

CURRENCY NOTE OF RS 500 AND RS 1000 ARE ILLEGAL AFTER 12:00 AM.

And,

ATM WILL NOT BE WORKING FOR TWO DAYS.

For more information stay tuned.

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3 Replies

CMA-FINAL (Adv.) (243 Points)
Replied 08 November 2016

Heart attack is the only word I can think of right now.

andy (Student CA IPC / IPCC) (55 Points)
Replied 08 November 2016

Illegal is not the word ;)
value maybe extinguished but currency notes are not illegal unless until it is printed by a person other than RBI.

Vaishnavi Ganesh (Chartered Accountant) (861 Points)
Replied 09 November 2016

Hi sir,

Legal tender characteristics of the high value denominations have been withdrawn, which would make it VOID, not illegal. (which will not come into the definition of Money)