Modi: Rs 1000, 500 Notes Invalid from Midnight
Today on November 8 Prime Minister Narendra Modi Announced to banned 500 and 100 rupees notes. India has made a strict decision of banning regular 500 and 1000 rupee notes from circulation which is a result of finding 1.25 lakh crore black money. Prime Minister will announced that all the banking services will be closed after Tuesday midnight.
NEW DELHI: Prime Minister Narendra Modi, in a sudden address to the nation on Tuesday, announced that Rs 500 and Rs 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.
Also Read: 500 and 1000 Rupee Notes Banned in India
Limit to Withdraw Everyday or in a week
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| Modi: Rs 1000, 500 Notes Invalid from Midnight |
Every citizen will be allowed to withdraw 10,000 Rupees from Bank or ATM per day and 30,000 per week which seems to be less. You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24. One must produce a valid government identity cards like PAN, Aadhaar and Election Card.
Banks will remain closed on November 9 allowing them time to cope with the new directive.
Indian Announces 2000 Rupee Note Circulation
Instead of 500 and 1000 Rupee notes RBI will be issuing 2000 rupee notes which will be a regular currency circulation over India.
Where can I still use my Rs 500, Rs 1000 notes
Till November 11, the following government-authorised places and institutions will continue to accept Rs 500 and Rs 1000 notes for payment:
-- hospitals
--Railway, airline, bus ticket booking counters
--Petrol, diesel and gas stations authorised by public sector oil companies
--Consumer co-operative stores
--Milk booths
--Crematoriums and burial grounds
What was the reason behind it:
Modi uttered that the decision has been taken to bring out the black money that has been hidden in the echelons of society. “Corruption, black money and terrorism are holding back the economy,” Modi said in his address after a Cabinet meeting held on Tuesday.
India’s Prime Minister delivered a surprise announcement on national television that the country’s commonly used 500- and 1000-rupee notes will be immediately phased out, eventually to be replaced with new 500- and 2000-rupee notes.
Mr. Modi, said the move was aimed at curbing currency counterfeiting and that 500 and 1000 notes currently in circulation may be exchanged at banks and post offices until Dec. 30.
Where can I get the new currency notes
RBI will issue new currency notes of Rs 500 and 2000 from November 10 onwards. These notes will have new design.