Rs 500, Rs 1000 To Be Illegal Starting Midnight
Tuesday On 8th of november Prime Minister Narendra Modi announced to banned the Indian currency of Rs. 500 and 1000 . He wants to caught the black money. 1.25 lakh crores of black money has been recovered. We need to take a new solid step to fight black money.
From now on, Rs. 500 and Rs. 1000 notes will not be used. Have 50 days to turn them into banks and post offices. On November 9 and in some places on November 10, ATMs will not work.
Places Where You Can Use Your Old Currency Till 11 November
- Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.
- Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
- Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value
6 things you need to do after govt's withdrawal of Rs 500 and Rs 1000 notes
Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value. Some ATMs in the country may not function on November 9 and 10. He assured the nation that the notes of Rs 100, 50, 10 and coins of all denominations will remain legal tender and will not be affected and this step will strengthen the hands of the common man in the fight against black money.
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| Rs 500, Rs 1000 To Be Illegal Starting Midnight |
Rs 500, Rs 1000 notes withdrawal: Modi announces certain exemptions for 72 hours
ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
Banks will remain closed tomorrow on November 9 and ATMs will also not function on 10th November and day after, Modi said. 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.
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.