Modi Government Banned Rs.500 and Rs.1000 Currency Notes
In his one of the bold decision Modi government has banned Rs. 500 and Rs. 1000 currency notes with immediate effect. 1000 and 500 rupee notes news is the headlines today every where being its social media, print media or electric media. This is one of the big step to minimize the black money after the last quarter IDS (Income Declaration Scheme). This step is widely appreciated and praised by people across the nation. Even this 1000 and 500 rupee notes news is being compared and called as “Surgical Strike” on black money. Although, RBI will soon re-launch Rs. 500 note but Rs. 100 note is completely gone away and Rs. 2000 note will take its place.
So what will you do with your current 500 and 1000 rs notes ? Don’t worry this is what you need to do –
- Starting November 10 to December 30 you can deposit the old notes at your bank account or post office accounts without any limit.
- However withdrawals from banks are limited to Rs 10,000 every day and Rs 20,000 every week. This limit will be revised.
- One can exchange Rs 500 and Rs 1000 notes for smaller notes like 100, 50 at banks, head post offices and sub-post offices.
- However, this limit has been capped for Rs 4,000, and exchange till November 24 only. Individual need to submit a valid government identity cards like PAN, Aadhaar and Election Card.
- Banks will be closed on November 9 which will allow banks to make the required arrangements.
- All the non-cash payments by cheques, DDs, debit or credit cards and electronic fund transfer will have no impact and will remain as is.
But wait, there are still some places you can use this money, Till 11th November, You can continue using the Rs 500 and Rs 1000 notes for payment at following government-authorized places:
- Railway, airline, bus ticket booking counters
- Petrol, diesel and gas stations authorized by public sector oil companies
- Consumer co-operative stores
- Milk booths
- Crematoriums and burial grounds
Starting 10th November RBI will issue new Rs 500 and Rs 1000 notes in market. So now all black money holders need to say bye it and we believe this decision will lead to end the black money.