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of <h1>India Withdraws Rs. 500 & Rs. 1,000 Notes to Fight Black Money; Limited Bank Withdrawals from Nov 10, 2016.</h1> The Government of India announced the withdrawal of Rs. 500 and Rs. 1,000 banknotes as legal tender, effective November 8, 2016, to combat counterfeiting, black money, and terrorism funding. From November 10, 2016, individuals and entities could deposit these notes in banks for credit to their accounts or exchange up to Rs. 4,000 in cash with valid ID. Bank account cash withdrawals were limited to Rs. 10,000 per week, and ATMs were temporarily shut on November 9 for recalibration, with a withdrawal limit of Rs. 2,000 per day upon reopening. Further details were available on the RBI and government websites.
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