In an attempt to curb black money, PM Modi declares Rs 500, 1000 notes to be void from midnight #Hindustan360

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In a move to curb the black money menace, PM Narendra Modi declared that from midnight currency notes of Rs 1000 and Rs 500 denomination will not be legal tender. In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight”. View more at #Hindustan360.

These major policy announcements by PM Modi are to fight black money and corruption. Department of Economic Affairs Secretary Shaktikanta Das said new notes of Rs 500 and Rs 2000 with greater security features and design will be circulated from Nov 10. RBI Governor Urjit Patel said that the central bank has ramped up production of lower currency denomination notes to meet the requirement. Prime Minister also added that all banks will remain closed for public work tomorrow.

Highlights

  • He also announced that new notes of Rs 2000 and Rs 500 will be introduced
  • ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000/day and Rs 20,000/week.
  • On November 9 and in some places November 10, ATMs will not work.
  • Other form of currency will not have any impact like cheque, DD, payment via credit or debit cards etc
  • espite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1,000 notes till 11 November midnight.

However New Rs 500 note that will be issued

Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000.

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“You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office,” PM Modi told the nation in a televised address to the nation.

RBI Governor Urjit Patel said that the central bank has ramped up production of lower currency denomination notes to meet the requirement. Prime Minister also added that all banks will remain closed for public work tomorrow.

View more at #Hindustan360.

  • Sarbjit Singh

    There is a need for a decisive war against the menace of corruption, black money and terrorism. I think this is a good step to abolish 500 Rs/- and 1000 Rs/- notes.

  • Just a beginning of the end of black money in India.

    The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)

    NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

    Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored .

  • The government is not considering extending the December 30 deadline for depositing the demonetised Rs 500 and Rs 1,000 notes, whose demonetisation was announced on Novemeber 8, Parliament was informed on Tuesday.

    To cater to the requirement in rural areas, banks have been advised to supply smaller denomination notes of Rs 100 and less, the minister added.

    #Hindustan360

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