Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight.
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,”
Citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.
“People can deposit notes of Rs 1,000 and Rs 500 in their banks from November 10 till December 30, 2016,”
These were the exact words of P.M Modi on the eve of 8th November 2016 while addressing the nation about this major change in the currency system in India.
He said that notes of new Rs 500 note and the much-anticipated Rs 2000 note will be circulated shortly to the Indian masses.
WHY this major step? Behind this is the mind of an Intelligent Indian sitting on the seat of P.M : Mr. Narendra Modi
The move, aimed at tackling fake notes and the black money economy, is expected to have a huge impact on the economy, equivalent to a substantial withdrawal of money or a significant hike in the interest rates.
The Indian government had done something similar in 1978 when it demonetised Rs 1,000, Rs 5,000 and Rs 10,000 notes.
Some highlights from his decisions are :
- Some important decisions and some serious issues to share.
- When you elected this government in 2014, the world was talking about India being shaky economically. But India is now an economic star – this is what IMF and World Bank are saying.
- Sab ka sarkar, sab ka Vikas – governance and progress for all are our motto. We are focused on the empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers.
- Corruption and black money are diseases rooted in this country, they are obstacles to our success.
- We are among fastest-growing economies, but we also rank so high in global corruption rankings.
- Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror – this has been proven repeatedly.
- Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad.
- 1.25 lakh crores of black money have been recovered.
- We need to take a new solid step to fight black money. From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices.
- On November 9 and in some places on November 10, ATMs will not work.
- Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
- Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017, by furnishing ID proof
- Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value.
The new look of Rs 500 and Rs 2000 currency note
What To Do With Notes Of Rs. 500 And Rs. 1000
To stop the spread of counterfeit notes, which is aiding terror activities from across the border, the government has decided to scrap the notes of Rs. 500 and Rs. 1000, Prime Minister Narendra Modi said today. Starting midnight, these notes will only be “worth the paper they are printed on,” he said.
A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.
There will be no change in any other form of monetary exchange — cheque, DD, payment via credit or debit cards, he said.
Here’s what you need to do with your Rs. 500 and Rs. 1000 notes.
- Change them at the bank or post office from November 10 to December 30
- Take Aadhaar card and Pan Card when you go to exchange these notes
- After December 30, these can be changed at the Reserve Bank with a declaration
- Tourists can change the notes at airports
Rs 500 and 1000 currency notes to be abolished, Get ready, India is going to get vanished from all kinds of corruption and Black Money. Salute P.M Modi
Featured image source : www.Indiatimes.com