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PM’s Surgical Strike: Rs 500 and Rs 1,000 currency notes banned, New Rs 2,000 note to be out on 10 November

The whole nation is in surprise right now because of the Modi’s unusual move on black money. PM Narendra Modi on Tuesday night announced demonetization of Rs.500 and Rs.1000 notes from midnight. He said that 500 & 1000 notes would become “mere paper.”

Addressing the nation the Indian Prime Minister had announced some bold steps in curbing the roots of black money and fake currency.

Making these Notes void is the combat against the Black money, Corruption, and Fake Currency. Our enemies across the border are using the fake money to run their business.

Mr. Modi said Rs. 500 and Rs. 1000 denominations are mostly counterfeited “from across the border.”He said that we are experiencing the corruption and the black money in the country from past decade. The corruption is widely spread in the country.

Ordinary people no need to freak out about this decision, and you can exchange your 500 and 100 currency in bank and post office accounts from November 10 till December 30.

RBI Governor Urjit Patel and Economic Affairs Secretary Shaktikanta Das launches the New notes and says the new Currency Notes will be released with new dimensions and will be introduced in the market from 10th November.

Urjit Patel unveils the new series which is called as “Mahatma Gandhi New series of Bank notes,” the new 500 rupees is designed with Red Fort. Apart from 500 rupees, Urjit Patel introduces the Rs.2000, which carries the photo of Mangal Yan, which highlights the scientific development and research progress that India has achieved.

All You Need to Know About Urjit Patel the New RBI Governor

The government is setting up the Control rooms in the Reserve Bank of India in the Department of Economic affairs of the finance ministry. A control room will be setup in the Mumbai, and the numbers are 022-22602201, 22602944.

The Control room will be operations from tomorrow morning 8 am, for the first 15 days it will be operated for 24 hours. The Control room number for Delhi is 011-23093230.

Bank will keep the record of identity whoever go to the bank in exchange of notes. So, government appeal is not to allow yourself used by anyone in exchange for their illegal cash. Rs.1000 will be released soon with a new dimension.

PM said that “We have brought back Rs. 1,25,000 crores of black money from corrupt people through various means,” and people should participate effectively for eradicating the same.

How to Exchange Notes Rs.1000 and Rs.500 Explained in Detail

Key Points of PM’s Speech:

  • All the Rs.500 and Rs.1000 Notes will be legally banned
  • The legal discontinuation will be in effect from Mid-night of November 8, 2023
  • ATMs will not work on November 9 and 10
  • People who are holding the banned currencies can exchange them by depositing in the banks or post offices.
  • Only up to Rs. 2000 cash can be withdrawn from ATM for some days which will be enhanced to Rs. 4000 later.
  • The maximum withdrawal limit for ATM will be Rs. 10,000 per day and Rs. 20,000 per week.
  • Government Hospitals, Airports public sector-run petrol bunks, and burial grounds shall be exempted for using the banned notes.
  • Airports will make arrangements to inform international travelers that the cash limit is Rs. 5000.
  • The recent move will not affect debit cards, cheque and digital transfer of money.
  • All other denominations such as Rs. 100, Rs. 50, Rs. 10, Rs. 5, Rs. 2 and Re. 1 as well as coins will continue in circulation unaffected.
  • New Rs. 2000 and Rs.500 will be soon brought into circulation

So, guys keep your 500 note safe to show it to your future generation.

How to Exchange Notes Rs.1000 and Rs.500 Explained in Detail

Sensational news on the go…An Extraordinary news, hotter than the U.S Presidential elections. Daring move by PM Narendra Modi which has taken the nation by shock.

Addressing the citizens Indian Prime Minister Narendra Modi had made a major announcement. He stated that all the existing Rs.500 and Rs.1000 currency notes would be banned. The ban will be in effect from midnight of today i.e. from the midnight of 08-11-2016.

These steps are taken as part of eradicating the black money, fake currency and corruption in India. He said that the terrorists are spreading the usage of fake currencies in the denominations of Rs.500, Rs 1000 in India. So to stop their expansion in India this crucial step was taken by the Indian Government..

The PM’s announcement had taken people of India by surprise. The demonetisation of these notes will have a serious impact on the people who are having huge sums of black money.

Mr. Modi stated that people who are having these denominations need not worry. They can deposit the notes of Rs. 500 and Rs. 1000 in their bank or post office account within 50 days from 10th of November to December 30.

Those who are worrying about how to exchange the banned Currency can follow these steps to be in safe place

How to exchange the Discontinued Rs.500 and Rs.1000 notes:

• People should exchange by depositing their Rs.500 and Rs.1000 in either bank or post office accounts
• These currency notes should be exchanged in banks and head post offices and sub-post office within December 30, 2016,
• At the time of the exchange, he/she should provide a valid identity proof such as Aadhaar, PAN card or voter ID card.
• People who didn’t or couldn’t deposit the Rs.500 or Rs. 1000 currency notes by December 30, can exchange it at Reserve Bank of India(RBI) by providing a declaration.
• However, this extension is also valid until 31st of March, 2017.

Note: Only Rs. 4,000 can be exchanged per day by a person

In spite of the ban, all the government hospitals, petrol pumps, and airports will accept old Rs. 1000 and 500 notes till midnight of November 11.Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till the same date. Rbi will be issuing new Rs.500 and Rs. 2000 notes soon

Modi expressed that he has faith and confidence in all the bank staff and post offices to act according to the situation and introduce the new order within the available time.

Government of India Ministry of Finance Department of Economic Affairs ******* Press Release With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating Black Money which casts a long shadow of parallel economy on our real economy, it has been decided to cancel the legal tender character of the High Denomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI till now. This will take effect from the expiry of the 8th November, 2016.

  1. Fake Indian Currency Notes (FICN) in circulation in these denominations are comparatively larger as compared to those in other denominations. For a common person, the fake notes look similar to genuine notes. Use of FICN facilitates financing of terrorism and drug trafficking. Use of high denomination notes for storage of unaccounted wealth has been evident from cash recoveries made by law enforcement agencies from time to time. High denomination notes are known to facilitate generation of black money. In this connection, it may be noted that while the total number of bank notes in circulation rose by 40% between 2011 and 2016, the increase in number of notes of Rs.500/- denomination was 76% and for Rs.1,000/- denomination was 109% during this period. New Series bank notes of Rs.500/- and Rs.2,000/- denominations will be introduced for circulation from 10th November, 2016. Infusion of Rs.2,000/- bank notes will be monitored and regulated by RBI. Introduction of new series of banknotes which will be distinctly different from the current ones in terms of look, design, size and colour has been planned.
  1. The World Bank in July, 2010 estimated the size of the shadow economy for India at 20.7% of the GDP in 1999 and rising to 23.2% in 2007. There are similar estimates made by other Indian and international agencies. A parallel shadow economy corrodes and eats into the vitals of the country’s economy. It generates inflation which adversely affects the poor and the middle classes more than others. It deprives Government of its legitimate revenues which could have been otherwise used for welfare and development activities.
  1. In the last two years, the Government has taken a number of steps to curb the menace of black money in the economy including setting up of a Special Investigation Team (SIT); enacting a law regarding undisclosed foreign income and assets; amending the Double Taxation Avoidance Agreement between India and Mauritius and India and Cyprus; reaching an understanding with Switzerland for getting information on Bank accounts held by Indians with HSBC; encouraging the use of non-cash and digital payments; amending the Benami Transactions Act; and implementing the Income Declaration Scheme 2016.
  1. In order to implement the above decisions of the Government and keeping in view the need to minimise inconvenience to the public, the following operational guidelines have been issued:-

(i) Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.

(ii) Old High Denomination Bank Notes of aggregate value of Rs.4,000/- only or below held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of India for any denomination of bank notes having legal tender character, provided a Requisition Slip as per format to be specified by RBI is presented with proof of identity and along with the Old High Denomination Bank Notes. Similar facilities will also be made available in Post Offices.

(iii) The limit of Rs.4,000/- for exchanging Old High Denomination Bank Notes at bank branches or at issue offices of Reserve Bank of India will be reviewed after 15 days and appropriate notification issued, as may be necessary.

(iv) There will not be any limit on the quantity or value of Old High Denomination Bank Notes to be credited to the account of the tenderer maintained with the bank, where the Old High Denomination Bank Notes are tendered. However, in accounts where compliance with extant Know Your Customer (KYC) norms is not complete, a maximum value of Rs.50,000/- of Old High Denomination Bank Notes can be deposited.

(v) The equivalent value of the Old High Denomination Bank Notes tendered can be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.

(vi) The equivalent value of the Old High Denomination Bank Notes tendered can be credited to a third party account, provided specific authorisation therefor accorded by the said account holder is presented to the bank, following standard banking procedure and on production of valid proof of Identity of the person actually tendering.

(vii) Cash withdrawal from a bank account, over the counter will be restricted to Rs.10,000/- subject to an overall limit of Rs. 20,000/- in a week for the first fortnight, i.e., until the end of business hours on November 24, 2016.

(viii) There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms.

(ix) Withdrawal from ATMs would be restricted to Rs.2,000 per day per card up to November 18, 2016. The limit will be raised to Rs.4,000 per day per card from November 19, 2023 onwards.

(x) For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India.

(xi) Instruction is also being issued for closure of banks and Government Treasuries, on 9th November, 2016.

(xii) In addition, all ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash will remain shut on 9th and 10th November, 2016.

(xiii) The bank branches and Government Treasuries will function from 10th November, 2016.

(xiv) To avoid inconvenience to the public for the first 72 Hours, Old High Denomination Bank Notes will continue to be accepted at Government Hospitals and pharmacies in these hospitals/Railway ticketing counters/ticket counters of Government/Public Sector Undertaking buses and airline ticketing counters at airports; for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of Public Sector Oil Marketing Companies and for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount.

  1. The relevant Notifications are available in the website of Finance Ministry (http://finmin.nic.in/). Further details including Frequently Asked Questions (FAQs) are available on the website of the Reserve Bank of India (https://www.rbi.org.in/).
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