Rs. 500 and 1000 currency notes Banned in India
Rs. 500 and Rs. 1000 Notes Being Discontinued – Today, 8th Nov 2016 Prime Minister Narendra Modi, addressing the country, announced that Rs. 500 and Rs. 1000 will not be used from midnight onward. The Rs. 500 and 1000 notes must be deposited at post offices and bank by the end of December, the PM Said, adding the move was essential to fight “The disease of Black Money”.
Shocking announcement by PM Narendra Modi has sent shock waves across the nation. Rs. 500 and Rs. 1000 notes would be scrapped from midnight on 8th Nov 2016. It cannot be used for transaction.
Important points Regarding Rs. 500 & Rs. 1000 Notes –
(1) The notes hould be exchanged in banks and head post offices and sub post offices within 30th Dec 2016, by providing a valid identity proof such as Aadhar, PAN Card or Voter ID card.
(2) People who possess Rs. 500 & Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration till 31st March 2017.
(3) The ATMs will not function till November 9 and in some placeses till November 10.
(4) There are, however, some exemptions. Goverment hospitals and international airports.
(5) Rs. 10,000 daily cash withdrawal and Rs. 20,000 weekly cash withdrawal limit from ATM.
(6) Banks will be closed on November 9 for public.
(7) A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought in to circulation.
(8) This is a chance for every citizen to take part in the fight against black money and corruption, says the Prime Minister.
(9) Government Hospitals, Pharmacies at such hospitals will accept Rs. 500 and Rs. 1000 notes for 72 hours from November 9 midnight.
(10) New currency notes with new designs from 10th November.
(11) New Note of Rs. 2000 with Mangalyan Logo introducing very soon.
(12) Control Rooms formed in RBI in Mumbai in this regards. The helpline number is 022-22602201, 22602944