In a major surprise step to check : ‘Black Money’ & ‘Fake Currency Notes’ in particular and ‘Corruption’ in general in India the Prime Minister Narendra Modi has announced the sudden ‘Demonetization’ of Rs 1000/- & Rs 500/- Currency Notes wef. 09th November 2016 in his Television Address in the evening of 08th November 2016 starting at 8 pm to the nation, So, the present Rs 1000/-& Rs 500/- Currency notes will cease to be ‘Legal Tender’ from midnight of 08th November 2016.
The banks in India will not be open to the public and the customers on 09th November 2016.
Also, the ATMs will not function on 9th and in some places even on 10th of November 2016, till the arrangements for replacing the old Rs 1000 and Rs 500 notes with the new Rs 2000 and Rs 500 notes and re-calibration of the ATM machines.
The Rs 1000/- & Rs 500/- currency notes (Unlimited numbers & Amount) since demonetized can be deposited by the holders into their Post Office / Bank Accounts from 10th November 2016 to 30th December 2016 ( for a total of 51 days out of which 40 Banks’ Working Days & 44 Post Offices’ Working Days)
Also, there will be limit of Rs 10000/- per day / Rs 20000/- per week for withdrawal of cash from Banks and the limit will be increased in future.
And there will be a limit of Rs 2000/- per card per day for withdrawal of cash from Banks ATMs for a few days and the limit will be increased to Rs 4000/- per card per day.
Also, the old Rs 1000/- and Rs 500/- currency notes can be exchanged by showing and ID Proof at any branch of any bank or any Post Office upto a limit of Rs 4000/- upto 24th November 2016.
For the benefit of those who may be travelling at this time,till midnight on 11th November 2016:
- ‘Railway Ticket Booking Counters’,
- ‘Ticket Counters of Government Buses and
- AirlineTticket Counters at Airports’
will accept the old notes for purchase of tickets.
Arrangements have been made at International Airports for arriving and departing passengers who have 1000 or 500 Rupees notes of not more than 5000 Rupees, to exchange them for new notes or other legal tender
Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender.
Further, the old Rs 1000/- & Rs 500/-Currency Notes will be accepted at:
- Government Hospitals,
- Pharmacies in Government Hospitals,
- Petrol Pumps
- CNG (Compressed Natural Gas) Gas Stations authorized by Public Sector Oil Companies,
- Milk Booths authorized by State Governments,
- Crematoria and Burial Grounds.
till midnight of 11th November 2016 for the first 72 hours of demonetization of the old Rs 1000 and Rs 500 notes.As announced by PM Narendra Modi, new Rs 2000/- & Rs 500/-Currency notes will be issued on 10th November 2016.
The new Rs 2000/- Currency Notes will be issued with ‘Radio Frequency IDentification’/ RBID Tag embedded, which will enable tracing of Rs 2000/- Currency Notes by the Government of India/ Indian Income Tax Authorities for identifying ‘Black Money’ in cash form, using a Satellites aided Nano Technology…
However, there will be no change in any other form of currency exchange such as the following:
- All the present Currency Notes of the Lower Denominations or Rs 100/-, Rs 50/-, Rs 20/-, Rs 10/-, Rs 5/-, Rs 2/- and Re 1/- and all the present Coins
- Bank Demand Drafts and
- Payments vide Credit /Debit Cards.
The above steps of PM Narendra Modi’s Government of India is perhaps in view of the ‘Elections in India’, in which ‘Money’ is said to play a major role..
The PM has recollected the following:
- A poor widow has given up her LPG Subsidy,
- A retired teacher has been contributing his pension to the Swacch Bharat Mission,
- A poor Adhivasi Mother has sold her goats and has built a toilet in her dwelling place and
- A soldier has contributed Rs 57000/- to make his village clean.
And so the ‘Prime Minister of India Narendra Modi’ is confident that the 125 Crores of honest Indian citizens will be make sacrifices and face the difficulties for the benefit of the country and bear the temporary hardships,due to the sudden demonetization of Rs 1000 and Rs 500 Indian Currency Notes,
- Ignore the temporary hardship
- Join this festival of integrity and credibility
- Enable coming generations to live their lives with dignity
- Fight corruption and black money
- Ensure that the nation’s wealth benefits the poor
- Enable law-abiding citizens to get their due share.AND
- Stand up and participate in this ‘Maha Yagna’/Great Sacred Fire Ritual.