In a dramatic move, Prime Minister Narendra
Modi announced the government is scrapping with immediate effect the existing
currency denominations of Rs 500 and Rs 1,000 to combat black money, corruption
and terror-financing.
Prime Minister Narendra
Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000
notes will not be used from midnight onwards. The Rs.500 and Rs. 1000
notes must be deposited at post offices and banks by the end of December, the
PM said, adding the move was essential to fight "the disease of black
money."
1.
Old Rs. 500, Rs. 1000
notes illegal from midnight; new notes to be issued
2.
Citizens have 50 days from Nov 10 to return
notes at banks, post offices
3. Banks
closed to public on Wednesday, some ATMs may not work
·
On November 9 and in some places on November
10, ATMs will not work.
·
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
§ Existing
Rs 500 and Rs 1000 currency notes cease to be valid from November 9
§ You
can return them to banks or post offices until December 30, 2016
§ New
notes of Rs 2000 and Rs 500 will be circulated soon
§ There
will be no change in any other form of currency exchange be it cheque, DD,
payment via credit or debit cards
§ Banks
to remain closed on November 9
“These
notes will just be paper from tomorrow,” Prime Minister Modi said in a
televised address to the nation.
Notes and coins of all other denominations
continue to be legal tender. There will be no change in any other form of
currency exchange, be it cheque, DD, payment via credit or debit cards etc.
Currency notes of Rs 500 and Rs 1,000 can be
exchanged in banks and head post offices till December 30, 2016, by producing a
valid identity like PAN card, Aadhaar or a Voter ID card. Failing this these
notes can be exchanged at a local Reserve Bank of India office till March 31,
2017.
ATMs will not function till November 9 and in
some places till November 10. However, some exceptions have been made on
humanitarian grounds. Government hospitals will continue to accept 500 and
1,000 rupee notes. Medicines can be purchased with these notes for the next 72
hours.
Prime Minister Modi said that the RBI will
issue notes of Rs 500 and Rs 2,000, but will limit notes with higher value.
No comments:
Post a Comment