PM Modi declaration about 500 and 1000 rupee note

PM Modi has declared that five hundred and one thousand rupee notes will not be valid from midnight of 8th November 2016

500 and 1000 rupee old note

•  “Currency notes of rupees one thousand and five hundred will be just paper with no value”, the PM had said.

• The PM says the money of the citizens will be safe as they can deposit the notes in the bank before December 30, 2016. All other coins and notes has no legal problem in their usage.

• On November 9^th and in some places, November 10^th, ATMs will not work.  ATMs will dispense   only rupees two thousand a day, later to be increased to rupees four thousand a day.  

• Those who will miss the December 30 deadline , can exchange old rupees five hundred and one hundred notes through RBI on the basis of declaration.   

 

500 and 1000 rupee new note

Till November 11 midnight , hospitals will accept Rs 500 and Rs 1000 notes and on basis of prescription can buy medicines from drug stores on hospital shops. Government buses ticket booking counter , airlines will accept them for booking tickets till November 11 midnight. Petrol and CNG outlets, crematoriums , international airports will also have leeway to accept Rs500 and Rs 1000 notes till November 11. 

• Non cash transactions (cheques, demand draft , card payments) not to be affected. All banks to be closed on November 9 for public transactions. On 9^th November , banks wouldn’t be available for public banking services. 

• New notes of 500 rupees and 2000 rupees would bring in circulation , mostly from 31^st march 2017.  PM Modi has said that some special arrangements has been made in extra ordinary cases. All government hospitals will accept old five hundred rupee and old one thousand rupee notes.

About Black Money :-PM Modi has said “ We all talk about use of black money in elections. We have set the country free from corruption and black money. For next days , only for a few days, we will have restrictions on withdrawals due to an expected paucity of notes. ID cards is needed in order to return notes in banks ” said PM Modi.  

• We the citizens have fifty(50) days (from 10 th November to 30^th December) to deposit notes of Rs 500 and Rs 1000 in any bank or post office. Denominations of Rs 500 and Rs 1000 will not be valid from midnight of tonight 

• Modi said “ Terrorism is a scourge that kills innocents. Where do these terrorists get money from? Our enemies across the border send these counterfeit notes”. He also said “This country has felt that corruption, black money, counterfeit notes, terrorism have held this country back from the path to progress. 

• Our enemies from across the border run their business with counterfeit notes and it has been going on for years”. 

• He also said “Issues like corruption , black money and terrorism have hurt India. 

• We are among the fastest growing economies , and we also rank high in global corruption rankings”. 

• He also said “ corruption and black money are the biggest obstacles in India’s growth”. 

• The PM said “ In this journey of development our moto has been development for everyone. 

When I took over , the impression was that BRICS was floundering. Even after two years of droughts, thanks to your help, India today occupies a pride spot. Not that we are making this claim. This is from IMF and World Bank”. 

He also said “ India has registered itself as a bright spot , and its not that this is a claim made by us, but by IMF and World Bank” . Let us hope that this change in policy taken by PM Modi, brings some change in excluding corruption in our country.