In a move to curb the black money and make India a corruption less country, the Prime Minister Narendra Modi has made a sudden address to the Nation.
PM Narendra Modi has declared the demonetization of high-denomination banknotes of rupees 500 and rupees 1000 with an immediate effect from midnight.
In his 40 minutes televised address, he has announced that “the notes of rupees 500 and rupees 1000 will not be legal tender from midnight of 8th Nov and these will be just worthless piece of paper.”
However, the lower denomination notes of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will remain valid.
He also announced that the newly designed notes of rupees 500 and rupees 2000 will be released and people will be able to get them from their nearby bank branches or ATMs.
Below, you can check the complete list of all the major decisions made by PM Narendra Modi on Tuesday (8th Nov 2016). Please have a look!
Highlights of PM Modi’s Decision on the abolition of Rs 500 and Rs 1000 Notes!
Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till the closing of banking hours on 30th December 2016 without any limit. Thus, you will have 50 days to deposit your notes and there is no need to get panic.
Your money will remain yours. You need not to worry on this point.
After depositing your money in your account, you can draw it when you need it.
Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days.
Apart from depositing your notes in your bank account, another facility will also be there.
For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes.
From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased.
There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016.
They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form.
On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of two thousand rupees per day per card.
This will be raised to four thousand rupees later.
Five hundred and thousand rupee notes will not be legal tender from midnight. However, for humanitarian reasons, to reduce hardship to citizens, some special arrangements have been made for the first 72 hours, that is until midnight on 11th November.
During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment.
This is for the benefit of those families whose members may be unwell.
Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription.
For 72 hours, till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time.
For 72 hours, five hundred and thousand rupee notes will be accepted also at
Petrol, diesel and CNG gas stations authorized by public sector oil companies
Consumer co-operative stores authorized by State or Central Government
Milk booths authorized by State governments
Crematoria and burial grounds.
These outlets must keep proper records of stock and collections.
Arrangements will be made at international airports for arriving and departing passengers who have five hundred or thousand rupee notes of not more than five thousand rupees, to exchange them for new notes or another legal tender.
Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender.
Important Note: During this entire exercise, there will be no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
Keep Reading the blog to know more interesting factors related to this amazed news!
9 Major Reasons behind the Ban of Rupees 500 and 1000 Notes – See What PM Modi has said!
Everybody was in shock after hearing about the sudden changes in the High-Value Bank Notes of Rupees 500 and 1000. They had the question marks on their faces and lots of queries in their minds that ‘is this a true news or a prank?’
For a while, they couldn’t believe their eyes and ears.
Well, this was definitely a carefully planned masterstroke which scrambled people to offload their soon to be worthless banknotes. Know the reasons why PM Modi did this ‘money surgical strike’?
1. To make this country ‘sone ki chidhiya’ once again
2. To fight against the Black Money Menace and Corruption.
3. To develop equality amongst all the Indians. There should be no more rich people or poor people, all will remain only Indians.
4. To boost up the country’s economic growth.
5. To curb benami transactions, which are used to deploy black money earned through corruption.
6. To strengthen the common people to fight against corruption, black money and fake currency.
7. To minimize the living difficulties of people who are having normal financial status.
8. To ensure that the nation’s wealth benefits the poor.
9. To help law-abiding citizens in getting their due shares.
What a decision it was! Salute to our Prime Minister Mr. Narendra Modi to make this strong move to bring a great positive change in Indian Economy.
Let’s check what people have to say on Modi’s Well Planned Money Surgical Strike!
From the evening of 8th November, 2016, People are seen to be most activated on their social media accounts to share out their views on this brilliant move by Modi.
We have come up with some influential and positive reactions of eminent personalities of the Country. Please check it out!
So, what do you have to say on this masterstroke move by PM Narendra Modi? Please, Please, post your views in the comments section below!
We would love to hear from you!