Banks to be closed on Wednesday, ATMs may not work too

Zee Media Bureau

New Delhi: Banks across the nation will be closed on Wednesday and ATMs are likely to be non-functional as the government makes move to replace the Rs 500 and Rs 1000 notes with new Rs 500 and Rs 2000 notes.

In a sudden move, the government on Tuesday scrapped Rs 500 and Rs 1000 notes, a move aimed at fight against black money.

The announcement by Prime Minister Narendra Modi came as a surprise as many did not expect the sudden move.

Making the announcement Modi said the Rs 500 and Rs 1000 notes would be be of legal tender pass 12 midnight tonight.

Informing that the RBI would soon launch a new Rs 500 and Rs 2000 notes, the prime minister also informed that banks across the country would be close on Wednesday.

ATMs are also likely to be non-functional for the new few days as banks are to replace any Rs 500 and Rs 1000 notes with the new notes.

Meanwhile, the Reserve Bank of Wednesday unveiled the new Rs 500 and Rs 2000 notes and said they would be available in the market from November 10.