Surgical Strike Against Black Money:
Hon’ Prime Minister of India, Narendra Modi in a historic announcement said that denominations of Rs 500 & Rs 1000 won’t be valid from midnight of tonight. In a Master Stroke by Modi, the Rs 500 & 1000 currency notes will become invalid in a major assault on black money, fake currency & corruption. PM said this demonetization move was aimed to clamp down on rampant corruption. PM addressed the nation telling that people holding notes of Rs 500 & Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30, 2016. People who are not able to exchange their notes by the last date will be allowed to declare them with the Reserve Bank of India till March 31.
Demonetization Exceptions:
Many exceptions have been made at public places which are of importance like hospitals, railway ticket booking counters, government bus stands, and airports. Here the Rs 500 and Rs 1,000 notes will be accepted till midnight of Nov 11, that is for an additional 72 hours.
Efforts by the NDA Government under PM @narendramodi to curb corruption and fight black money. #IndiaFightsCorruption pic.twitter.com/0Tt8FlvbQ2
— PMO India (@PMOIndia) November 8, 2016
PM Modi also announced new notes of Rs 2,000 and Rs 500 to be circulated soon.
In Pics: New Rs 500 note that will be issued pic.twitter.com/N51HDChDs3
— ANI (@ANI_news) November 8, 2016
In Pics: New Rs 2000 Note that will be issued pic.twitter.com/4NXhNOpxxA
— ANI (@ANI_news) November 8, 2016
Summary of the important announcement regarding the Demonetization:
- Black money issue, 500 rupees and 1000 rupees banned from Midnight.
- ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.
- All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
- ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.
- Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
- No changes in online, card, cheque or any other plastic money transactions.
- 9th November, banks wouldn’t be available for public banking services.
- New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
- This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. We guess post 30th December.
Featured Image Credits: twimg
