In a move to curb down on black money, Modi government pulls out Rs 500 and Rs 1000 currency notes from circulation, effective midnight of November 08, 2016.
In his 40-minute address first in Hindi & later in English, Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 notes “will not be legal tender from midnight tonight” and will be “just worthless pieces of paper”.
However, he said that all notes in the lower denominations of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2, Re 1 and all coins will continue to be valid. Needless to say, this news comes as a huge surprise to the entire world, when people were expecting news about US Elections, Modi took it all of us by surprise.
While social media is abuzz with black money & the future of the notes that are already in circulation, here are the 10 things you and I can do with the Rs 500 and Rs 1,000 notes in hand.
Deposit old notes of Rs 500 and 1000 in banks or post offices between November 10 and December 30, 2016.
Those who are unable to, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration.
Exchange of old notes for cash upto a limit of Rs 4000 possible at any bank or post office by producing valid ID proof.
Rs 500, Rs 1000 notes will be accepted at hospitals, drug stores till November 12.
The notes can also be used at designated fuelling stations till November 12.
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with Rs 500 and 1000 notes till November 11.
Arrangements have been made at airports so that travellers entering/leaving the country are not inconvenienced.
ATM withdrawal limit of Rs 2000 per day per card initially and this will be later raised to Rs 4000 per day
There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal of money. This limit is to be increased soon.
ATMs will not function on November 09 and at some places on November 10 as well.
No restriction on non-cash payments including transactions by cheques, demand drafts, electronic fund transfers, debit and credit cards.
Speaking at the special nationwide TV address, Modi took a firm stand on corruption by scrapping all Rs 500 and Rs 1,000 notes with immediate effect. Stating from February 2017, the RBI will start issuing Rs 2,000 notes as well.
Also Read what Nation is saying about PM Modi’s Decision on Rs 500 And Rs 1000 Notes Being Discontinued
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Also published on Medium.