8 Nov 2016

Govt scraps Rs 500 &Rs 1000 currency notes; New Rs 2000 &Rs 500 notes to be introduced

Govt scraps Rs 500 &Rs 1000 currency notes; New Rs 2000 &Rs 500 notes to be introduced
Govt scraps Rs 500 &Rs 1000 currency notes; New Rs 2000 &Rs 500 notes to be introduced:
Dear Readers, Taking the nation by surprise, Prime Minister Narendra Modi announced demonetisation of 1,000 and 500 rupee notes will cease to be legal tender from midnight tonight and those who are in possession of these notes can deposit the notes in their accounts in banks and post offices from 10th of this month to 30th of December this year.

In a special nationwide televised address this evening in New Delhi, Prime Minister Narendra Modi said, those who are unable to deposit the notes within the deadline for some reasons, can change them till 31st of March next year by furnishing ID proof. He said, new currency notes of 500 and 2000 rupees denomination notes to be introduced. He said, RBI has decided to limit the notes with higher value.
Mr.Modi said, ATMs will not work for next 48 hours and thereafter amounts upto 2 thousand rupees can be withdrawn from ATMs. He said, during this period, old notes of 500 and 1000 denominations will be accepted in Government hospitals for the time being. He said, banks will be closed tomorrow. He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time.
Petrol Pumps, CNG Stations, Milk Booth, Consumer Cooperative stores and crematoriums will accept old notes in the next 72 hours. Railway booking counters, ticket counters of Government Buses and airline ticket counters will also accept the old notes for the next 72 hours.
Mr Modi said, his government has waged a war against corruption. He said, corruption, fake currency and terrorism are festering wounds, holding back the economy. He said, the Government has unearthed 1.25 lakh crore rupees black money.
The Prime Minister said, his Government is dedicated to the poor and will continue to do so and in all the policies, Government are dedicated for the upliftment of entire society. He said, despite adverse situation the country has emerged as a bright spot and India has registered itself as a bright spot and it has declared by the IMF and World Bank. He said, corruption and black money is something the Centre has fought for immediately after assuming office.

Summary of the important announcement:
1. Black money issue,  500 rupees and 1000 rupees banned from Midnight.
2. ATM's wouldn't work on 9th and 10th November. Rather the withdrawal limit is Rs.  2000 only.
3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs.  Only.
5. Emergency periods like hospitals and chemist,  train ticket booking and airline ticket booking,  petrol pumps may accept the old notes to 11th November.
6. No changes in online,  card, cheque or any other plastic money transactions.
7. 9th November,  banks wouldn't be available for public banking services.
8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017