No PM Narendra Modi Bans Rs. 500, Rs. 1,000 Notes In War On Black Money
Watch PM Modi’s Entire Speech On Discontinuing Rs. 500, 1000 Notes
PM Modi Full Speech ON Rs.500 Rs.1000 Currency.Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. The Rs. 500 and Rs. 1000 notes must be deposited at post offices and banks by the end of December, the PM said, adding the move was essential to fight “the disease of black money.”
A revolutionary news coming in from the Speech of Prime Minister of India, Narendra Modi which began at 8 PM today. Maybe you people would have already heard the news, however we decided to let everyone know about this important declaration by Government according to which Rs 500 and Rs 1000 notes will become completely invalid for usage, with effect from midnight i.e. from 9th November 2016.Yes, you hear it all right. It seemed to us a fake message at first like the ones circulating on Social Media but this time it is something serious. What this simply means – You cannot use Rs 500 and Rs 1000 notes for any transactions from 9th Nov 2016. There are a few exceptions however – Government hospitals, pharmacies at such hospitals, railway ticket counters, petrol pumps and few other places will accept the notes till 11th Nov 2016 for the respite of people.
What will happen to the Rs 500 and Rs 1000 notes then ?
Well ! This is the question doing rounds in your mind. Isn’t it ? Well, you do not need to worry as you can get your notes exchanged from the bank and the post offices till 30th December 2016.
You can exchange old notes of Rs 500 and Rs 1000 at any bank, head post office or sub post office by showing them an ID proof such as Aadhar Card etc. The limit for this is however Rs 4000 upto Nov 24. Also there’ll be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days. There would be no restrictions of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfers.
Why this move has been taken by Modi Government ?
India has been trying to develop from long and curb various issues like Poverty, Corruption, Iliteracy, Terrorism etc. However, after analysis – The Government has come to the conclusion that Black Money is the one that is holding India back from what it is looking to achieve. Modi, earlier had announced that people can declare their income by September 30 and no action will be taken against them and as a result of that, 1.5 Lakh Crores were recovered by the Govt.
Benefits of this move
- This historic step will open up new opportunities for poor, neo middle class and middle class
- Real Estate Prices, Higher prices, healthcare to come within the reach of common citizens
- Funding for arms smuggling, espionage, terrorists to be choked
- Circulation of large volume of counterfeit currency to end
Will all high value items be bought with Rs 100 notes then ?
A good question, that is. You will surely be wondering that what if you want to buy a Rs 10,000 worth TV ? Will you be paying a full bundle of Rs 100 worth notes ? Well, the answer is NO ! The Government has announced that it will be launching new designed Rs 500 and Rs 2000 notes and they will be brought into the circulation soon.
- Rs 500 and Rs 1000 currency notes will be invalid for use from 9th Nov 2016
- For people’s convenience, the notes will be accepted till 11th Nov at Govt. Hospitals and the pharmacies in there, railway ticket counters, petrol pumps, Airline Counters, Govt Bus Counters, consumer co-operative stores authorised by Central & State Government, Milk booths authorised by State Govts crematoria & burial grounds.
- New notes of Rs 500 and Rs 2000 denomination with new design will be circulated soon in the market
- People can get their old notes exchanged from or deposited to Banks or Post Offices till 30th Dec by showing Proof of Identity and from 30th Dec to 31st March by showing an additional Declaration of Income.
- There will be a limit of Rs 4000 per day till 24th Nov which will be increased gradually
- Banks will remain closed on 9th Nov for public work
- Withdrawal from Automatic Teller Machines (hereinafter referred to as ATMs) shall be restricted to Rs.2,000 per day per card up to 18th November, 2016 and the limit shall be raised to Rs.4,000 per day per card from 19th November, 2016
As the RBI’s Database ,
Rs 500 notes –> 45% the currency in circulation
Rs 1000 notes –> 39% the currency in circulation.
Rs 10 & 100 –> 53% the currency in circulation.
This measure would mean that from midnight, almost Rs 6,32,600 crore in circulation in the form of Rs 1,000 notes would be illegal tender.
Countries like the USA, the UK and the European Union had already banned high denomination notes
What is the Pros and cons of banning rs 500 And Rs 1000 Notes
India Bans ₹ 500 and ₹ 1000 Notes.After today midnight all ₹ 500 and ₹ 1000 Will be banned permanently.This decision has been made by our pm narandra modi.
Hey Guys,It’s really a bold decision made by the Government and can be called as the Surgical strike of the Government on Black Money which will stop Terrorist funding, arms smuggling and Counterfeit currency.
- What will happen to the common man who finds out that the note he is having is a fake one? How is the Govt going to handle such situations?
- The big fish will be left out whose black money is in the form of foreign currency, gold etc.
- Inconvenience to common people who will start running to the nearby bank to exchange the 500 and 1000 currency notes.
- Very difficult for more than half the population who are not well versed with the card transactions.
- The small businesses will be affected at least in the shorter run
1. Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 9
2. New notes of Rs 500 and Rs 2,000 would be released and circulated from November 10
3. ATMs will not work on November 9, and at some places on November 10 as well
4. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016
5. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can ..
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