Rs 500 and Rs 1,000 currency banned

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

Pm bans 500 and 1000 notes

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, 2016
  • 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.