Ban on 500 and 1000 Rs. Notes, 500 and 1000 Notes Invalid
Indian Prime Minister Narendra Modi addressing the nation announced a very robust decision yesterday in a press conference. Honourable Prime Minister announced a complete Ban on 500 and 1000 Rupees Note. This vigorous decision will make a serious impact on the growing corruption in India. From today only 500 and 1000 Rs. Notes are Invalid and won’t be accepted in any trades except few transactions mentioned by the PM in the press conference. The Places where 500 and 1000 Notes are still valid for upto 72 hours or 3 days from 9th November 2016 are :
- Government hospitals and in government dispensaries with doctor’s prescription.
- Buying Train and Airline tickets
- Government Bus Stops
- Petrol, Diesel and CNG Stations
- Milk booths and Cemeteries
Surgical Strike on Black Money and Corruption
The Vigorous Ban on 500 and 1000 Rs. Note is a hard blow on the Black Money Hoarders. People are mentioning the Ban as a Surgical Strike on Black Money and Corruption. The Decision making 500 and 1000 Rs. Note Invalid will make Corrupt People cry hard. In the 40 minutes Speech Honourable PM addressed that notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” The prime minister said that corruption and black money is something the government has fought for immediately after assuming office. In my opinion this is a very Bold Step to fight Black Money.
Impact on the Aam Janta
The people of the world’s biggest democracy India are welcoming the decision of the Ban on 500 and 1000 Rupees Note taken yesterday by the PM and Reserve Bank of India. People are supporting Mr. Modi for the great step to fight Black Money. It is true that Ban on 500 1000 Notes will have an impact over day to day life of the people of India. People have to exchange or deposit there invalid notes in the bank before 30th December 2016. For more info regarding the exchanging of old 500 and 100 Rs Note you can head on to the link below.
Many people are facing trouble in transactions including the now Invalid 500 1000 Rupees Note. The ATMs and Banks will be shut off for two days. After that there would be a limit over the withdrawal of the money from ATMs which is Rs. 2000 and Rs. 4000 for some time. However, he also said in the press conference that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid as before.
The New 500 and 2000 Rupees Note
With the Ban on 500 and 1000 Rs. Notes honourable Governor Reserve Bank of India, Mr. Urjit Patel also announced the new 500 and 2000 Rs Notes to be available in the market. The new notes announced are very advanced and hard to copy as stated by the RBI Governor. You can have a detailed look of the new notes here below :
New 500 Rs. Note
The new 500 Rs Note will now feature a picture of Red Fort on the back of the currency note. The size of the Note is a little small in comparison of the previous notes. The Note features some lines embossed on the sides of the note to make them recognizable for a blind person. The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will be called the Mahatma Gandhi series of bank notes.
New 2000 Rs. Note
The New Rs. 2000 Note will be the highest denomination currency note ever seen by India and will feature a Picture of Mangalyaan on the back of the currency note. The Note features some lines embossed on the sides of the note to make them recognizable for a blind person as it was on the New 50 Rs. Note. You can have a closer look in the picture.
- 500 Rs and 1000 Rs Note won’t be legal from today.
- New 500 Rs and 2000 Rs Notes will be circulated soon.
- ATMs won’t work for 2 days
- People can deposit or exchange Invalid 500 and 1000 Rs Notes till 30th December, 2016.
- Banks will remain closed on 9th November.
- Online Transfer, Debit Card and Credit Card won’t get affected
- Some outlets will accept the old 500 and 1000 Rs Notes till 11 November, 2016
- People can exchange only upto Rs. 20000 of 500 and 1000 Rs Notes.
For live coverage of the speech of PM Narendra Modi you can check out the link below.
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