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Modi abolishes Rs 500 and Rs 1,000 notes from November 8 midnight

Modi abolishes Rs 500 and Rs 1,000 notes from November 8 midnight


mangaloretoday-PTI

New Delhi, Nov 8: Prime Minister Narendra Modi on Tuesday evening announced that all Rs 500 and Rs 1,000 currency notes will become illegal tender from the intervening midnight of November 8. This means, from 12:01 am of November 9, none of these notes will be accepted anywhere as legal money. The move is believed to have been taken to curtail black money as well as combat the menace of forged currency notes.

What ahould we do?

Modi also said people will have 50 days from the date of the announcement — until December 30 — to exchange all these high-denomination notes at post offices and banks. However, notes and coins of all other denomination — Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 — will continue to be legal tender, meaning they can be used to buy products and services.

Modi also said some arrangements have been made so that people do not face problems due to this decision. The prime minister announced that all banks would remain closed for public on November 9, conducting their own work. He added that all ATMs would not function on November 9, while some ATMs would not function on November 10.


500-1000 notes...


Then, when the ATMs come back online, the initial withdrawal limit will be Rs 2,000. This will be increased to Rs 4,000 later, according to official sources. Meanwhile, there will not be any cap on non-cash payments and transactions -- those that take place via cheques, cards, net-banking and mobile-banking.

He also assured the people that their money would remain theirs, and they need no worry about it. In essence, although the Rs 500 and Rs 1,000 notes become illegal tender, people will get the exact amount in lower denominations when they exchange the currency notes from banks or post offices.

There may not be any reason to panic immediately, though, because many organisations will continue to accept notes of Rs 500 and Rs 1,000 denomination for 72 hours -- three days, to be precise.



New noted to be issued

The Reserve Bank of India, meanwhile, will issue new notes of Rs 2,000 and Rs 500 denomination, which are expected to come into circulation shortly.

 

500-1000 notes...


Why the drastic step?

Addressing the nation on Tuesday evening, Modi said that a neighbouring country has tried to destabilise India by circulating forged currency notes for years. The fresh step is expected to put  stop to that. Although he did not name the country, Modi was indicating Pakistan.

The prime minister also said in his address: "The twin diseases of black money and corruption have daken deep roots in the country, and are becoming a huge hindrance in the battle against poverty.


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Comments on this Article
Tarun, Udupi Wed, November-9-2016, 2:03
Kattitta asu Neerinalli homa .
Anil Fernanades, Mumbai Tue, November-8-2016, 11:52
We are proud of his move . He has done for he he said . He has answered his criticizers silently.
Anusha Pinto, bengaluru Tue, November-8-2016, 11:23
Namo has answered for queries rises against him . Acche Din are becoming Kacche Din for many . Jai Ho. We are proud that it is not has been kept confidential.
Uttam Haridas, Moodabidri Tue, November-8-2016, 11:17
Modi’s has answered all with his silence . He has given a kick to many who have been dealing with Black money.
Ishanth Rao, Udupi Tue, November-8-2016, 11:15
So many might be in the tensed situation as the whole country is facing Allola kallola .As everyone is rejecting to accept 500 and 1000 rs .
Reshma Salian, Manngudda Tue, November-8-2016, 11:11
This is a good move to curb the Black money . It is shock to many who have kept illegaly
Anathalaxmi, Mangaluru Tue, November-8-2016, 10:55
Hat off Modi
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