500 & 1000 Rupee Notes are banned in India

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500 & 1000 Rupee Notes are banned in India

From midnight of 8-11-2016 Rs 500 and 1000 are banned in India. Citizens will have to deposit them in banks and post offices between Nov 10 and Dec 30.From November 8th night 500 and 1000 notes are banned. Modi announced just now. Banks will accept up to December. Afterwards they will be accepted as per RBI guidelines.

Summary of the important announcement :

1. Black money issue, 500 rupees and 1000 rupees banned from Midnight.
2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.
3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.
5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
6. No changes in online, card, cheque or any other plastic money transactions.
7. 9th November, banks wouldn’t be available for public banking services.
8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
9. This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.

Narendra Modi Annoucnces that 500 -1000 Rs notes will not be valid. This is becoming hot topic. This is once of the best plan to eliminate black money.

 

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*Just a beginning of the end of black money in India*

 

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