PM Narendra Modi took everyone by surprise by announcing that Rs. 500 and Rs. 1000 notes will no longer be legal tender from Wednesday. New Rs. 2000 and Rs. 500 notes will be introduced, but there will be a transition period. Many have been turning to the Reserve Bank of India (RBI) to figure out the fine-print of how the exact process will roll out. There's just one problem - the RBI website seems to have crumbled under the load.
Multiple attempts to access the RBI website by Gadgets 360 since Tuesday evening have been greeted by the "Cannot find server" message, which indicates the RBI website cannot handle the heavy demand. "It's not just you! http://rbi.org.in looks down from here," a popular website status checker indicates as well. Now, sure, this can also be the result of a scheduled maintenance, but you would typically see a "This website is under maintenance" kind of a message from a website like the RBI, instead of an error message like this.
While we wait for the RBI website to be accessible again, here's some basic information about the Rs. 500 and Rs. 1000 notes that became clear from PM Narendra Modi's speech on Tuesday.
What you need to do with your Rs. 500 and Rs. 1000 notes:
Your Rs. 500 and Rs. 1000 notes be accepted till November 11 at:
Will Rs. 500, Rs. 1000 notes demonetisation sway Indians away from cash? We discuss this on Orbital: The Gadgets 360 Podcast. You can either subscribe to via iTunes or RSS or just hit the play button below.