So corruption, black money and terrorism will be a thing of past, well that’s what Modi Sarkar is working on!! Voiding the Rs. 500 and Rs. 1000 currency notes from Midnight on 8th October 2016 is a smart step forward according to lot of people but a majority of people will be under serious problem as this is a season where lot of events (Marriages, Festivals) happen.
Narendra Modi announced that people who have the Rs. 500 and Rs. 1000 currency notes can deposit the same in the bank starting November 10 and up till December 30, 2016.
Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.”
Continuing with his speech he added, that all other currency notes stand valid and new currency notes of Rs. 500 and Rs. 2000 will be introduced beginning November 10, 2016.
Prime Minister Narendra Modi’s address to the Nation
Here is what you should know:
- The ATM’s wont work across a few cities on 9th November 2016 and from the very next day, there would be a limit of Rs. 2000 per day per card which will be increased to Rs. 4000 later.
- Old currency notes of Rs. 500 and Rs. 1000 need to submitted to your local banks and post offices starting 10th Nov, 2016 and will be continued till 30th Dec, 2016. This date can be revised but we do not have any official confirmation on this.
Whose accepting Rs. 500 and Rs. 1000 notes?
- Airports, Government Hospitals, Milk Booths and Petrol Stations are accepting the Rs. 500 and Rs. 1000 currency notes.
- The new currency note will be embedded with NGC which stands for Nano GPS Chip so that the notes can be tracked.
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New Currency Notes of Rs. 2000 and Rs. 500