Modi Fights corruption– In an attempt to combat black money in India, the Prime Minister Narendra Modi on Tuesday announced that existing currency notes of Rs 500 and Rs 1,000 denomination would no longer be legal tender.
Things to know:
- Within 50 days (From 10 Nov to 30 Dec) notes of Rs 500 and Rs 1000 can be deposited in any Bank or Post office.
- New notes of Rs 2000 and Rs 500 will be introduced.
- ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.
- Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000.
- Those unable to deposit Rs 1000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till March 31, 2017 after filling a declaration form along with proof and reasons, the Prime Minister said.
- Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12.
- Currency notes of Rs 1000 and Rs 500 will be just paper with no value
- All banks and post offices will remain shut tomorrow
- Cashless fund transfer won’t be affected by this
- Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight
Outlets to accept Rs 500 and Rs 1000 notes:
- Government hospitals from November 9 till November 11, and in government dispensaries with doctor’s prescription.
- Government bus stops for the first 72 hours starting midnight of November 8, 2016.
- petrol, diesel and CNG stations run by public sector companies
- Milk booths and crematoriums and Shav Grahfor next 72 hours
- Cooperative shops, Kendriya Bhandar, ration shops, Safal shops and dairies
- International airports will have the facility of exchanging the old notes for foreign tourists and those going to foreign nations till a limit of Rs 5000.
Though, people have different perceptions on this surgical strike on black money by Narendra Modi government but common people might face challenges in terms of daily transactions. There are people who are supporting Modi fights corruption believing it to be a good step for India’s economic growth.
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