Prime Minister Narendra Modi on Tuesday declared that Rs 1,000 rupee banknotes and Rs 500 will be taken from circulation at night time to crackdown on fake currency.
PM Narendra Modi today created one of the most important headline that will have a lasting affect the economy for all occasions to come. In a televised address towards the region the PM stated it surely will continually be and that his government is dedicated to poor people. “Strengthening poor people is our motto. For this we have started several schemes for rural electrification, irrigation, banking and finance and many more.“
Modi said that black money and corruption took a centrestage. He explained that on one hand we’re the fastest growing nation, but when it comes to the corruption and black money, we are ranked on 76 as compared to other 76 countries. “Some people have undermined the interests of the poor and cornered their benefits.“
WHAT IS THE REASON TO BAN THE RS. 500-1000 NOTES?
India has produced a rigorous conclusion of banning 1000 rupee and 500 notes from flow which is a result of finding black income that was 1.25 lakh crore. Government believes that by taking this conclusion, we could attack on down black markets and you would be least flow of dark cash and scam would not occur.
WHAT WE DO THE NEXT?
From November 10 at your nearest bank, you are able to deposit the previous stored notes or post office accounts till December 30 without any restriction. But, the withdrawal of money from banks is assigned at Rs 10,000 per-day and Rs 20,000 per week, and remember this amount is flexible and can increase or decrease in coming days. The PM said that, people who can’t deposit their records till Dec 30 can get more hours till March 31 where they’re able to deposit the notes plus a declaration form, it may make a legitimate government identification cards like Election, Aadhaar and PAN Card. There will be no change in almost any additional kind of currency exchange be it check, Demand Draft (DD), payment via credit or bank cards.
WHERE TO EXCHANGE THE CURRENCY?
You are required to exchange the Rs. 1000 and Rs. 500 notes for lower denomination at banks, head post offices and its branches. Nevertheless, the exchange limit is capped at Rs 4, 000, and you will make exchange till 24th of November. One must produce a government id cards like Aadhaar, PAN and Selection Card.
WHAT ARE THE CONSTRAINTS ON ATM WITHDRAWALS?
From November 11, you can withdraw income and ATMs may cease dispensing the present notes that are Rs 500 and 1000. To Rs-2,000 per day, these withdrawals are being restricted for your first couple of days, and will be risen up to Rs 4,000 per card per day.
WHERE MAY I USE MY RS. 1000 – RS 500 IN EMERGENCY UNTIL LAST DATES?
Until November 11, the following government, places and authorized centres and institutions can accept RS 500 – RS. 1000 for fee proceed.
- Gas, diesel and gasoline stations sanctioned by public sector oil companies.
- flight, Railway, coach ticket booking surfaces.
- Client co-operative stores
- Milk booths
- Banks will remain closed on November 9 allowing them time to cope with the brand new instruction.
- RBI may issue currency records of 2000 and Rs 500 from November 10 onwards. These notes can have fresh design.