What we called is a bold move and fight against corruption, taking the nation by suprise PM Modi announces discontinuation of 500 and 1000 rupees notes. Surgical Strike on Black Moeny. Historical announcement has been made by Prime Minister. Since midnight of 8th November these notes will be of no use.
Making these notes invalid is a major assault on black money, fake currency and corruption. Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
Notes of Rs 500 and Rs 1,000 will not be acceptable for transaction from midnight. Rs 500 and Rs 1000 rupee notes will become worthless pieces of paper starting midnight…To minimize difficulties of citizens, several steps are being taken. People can deposit these notes in banks and post offices starting November 10 till midnight of December 31. You have fifty days and there is no need for panic.
Narendra Modi, Prime Minister of India
It is a bold and fantastic move. The suddenness with which it has been announced may have taken us by surprise…There may be some impact on economic activity depending on how smoothly it is implemented.
Ajit Ranade, Chief Economist, Aditya Birla Group
This is a very abrupt measure. This measure is intended to curb the menace of black money as they don’t still have an assessment of the problem. The government thinks that through this black money would be squeezed out of the system. This should have been done in a phased manner.
Radhika Pandey, National Institute of Public Finance And Policy
When, Where and Till Than These Notes Will Be Valid ?
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.
Where there will be no changes ?
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
Bank and ATM Not Operating:
Banks will be closed on November 9th. ATMs also will not function till November 9, and in some places till November 10.
Time Alloted To Exchange Old Notes:
These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card. People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017. Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit.
Government will issue new notes of 500 and 2000. Don't Panic, Printing of New Rs 2,000 and Rs 500 Currency Notes Began Months Ago. The printing of the new Rs 500 and Rs 2,000 currency notes started around six months ago, and utmost secrecy was maintained at all levels to keep the decision to recall the existing denominations of Rs 500 and Rs 1,000 under wraps.
Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone's responsibility to eradicate poverty. If still you have any issues, RBI has also initiated helpline numbers Mumbai number is 022-22602201 while the New Delhi number is 011-23093230. State governments have been informed of the move and what to do during the transition period.
Shaktikanta Das also cautioned people not to be used by those who want to exchange their unaccounted money. He said that banks would keep a record of everybody who exchanges currency notes.
“This will cause inconvenience, but I call on the citizens to bear it to fight corruption,” said Prime Minster Narendre Modi. We, Entertales want people to cooperate with our Prime Minister.
Let us know in the comments if you are facing any issues or need any detail related to this issue.