Modi’s fight against black money and corruption: All you need to know and do in next few days:
500, 1000 Rupee notes invalid in India
The current notes of Rupees 500 and 1000 are scrapped and hence will no longer be valid from November 8 midnight, announced Prime Minister Narendra Modi in a televised address to the nation. Notes of 500 and 1000 rupees will cease to be legal in the country from now onwards. Instead, newly designed 500 Rs note and note of Rs 2000 are being introduced.
The major reason behind making these notes invalid by PM Modi is making these notes invalid in a major assault on balck money, fake currency and corruption. The PM on Tuesday night announced the demonetisation of Rs 500 and 1000 notes and said, “these notes are just papers from tomorrow”.
Modi also announced that people will have a term of 50 days- between November 10 and December 30 to give away all the notes of Rs. 500 and 1000 they have, at post offices and banks.
People who fail to submit their old currency within the stipulated deadline, will be able to do so at the Reserve Bank of India by providing a declaration, uptill March 31, 2017.
ATMs will not operate on November 9 and 10 in some places. All banks will remain closed on November 9 for public work.
For the period of 72 hours, until the midnight of November 11, consumer stores authorized by the government like milk booth and ticketing counters and also government hospitals will accept the old 500 and 1000 Rupees notes.
There is no restriction of depositing your 500 and 1000 rupee notes for exchange and in any amount, as long as it is legal.
Within this period, cheques, debit cards, e-transactions will continue. All electronic transactions on account of companies, business firms and individuals will continue in the new two days.