Why Rs 500 And 1000 Note Banned-Scrapped

One of the major step taken by Modi Govt. Rs 500 and Rs 1000 note to be scrapped from midnight ( 8th of nov. 2016). This is an surprise address to the nation today Prime Minister Narendra Modi announced that currencies with the denomination of Rs. 500 and Rs. 1000 will be not legal tender from midnight tonight.

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The Step is taken to reduce the black money amount in the nation. Everyone is shocked from this decision because they don’t know about this. On November 9 and in some places on November 10, ATMs will not work.
Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11 November midnight.

See Also : Impact Of Ban Of Rs.500,1000 Note!Bank To Stay Open On This Weekend!
Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11.
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value..

There are some general instructions for the people of the nation which are as alows:

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Thick stacks of 500 and 1000 rupee notes.

1- Bank Will remain closed On 9th Nov And 10th Nov.

2-ATM Will Closed on 9th And 10th November

3- You can Exchange your Old notes Up to Rs. 4000 in a day.

4- You can withdraw Rs. 2000 from ATM in a day.

5- Petrol Pump And CNG stations will collect the old notes up to 11th Of November.

6- You Have to deposit the old notes on Bank.

7- Tourists can exchange their Old notes on Airport.

8- New currency Will Circulate from 11th of November 2016.

 9- Non Cash transaction will not effect from this.

10- No effect on Other Denomination currencies other than Rs. 500 and Rs. 1000 notes.

11- No effect on Coins.

12- Last Date of Deposit of Old Rs 500 and Rs. 1000 notes is 31st December.

13- Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31,       2017 by furnishing ID proof.

14- Limit of Withdrawal 2000 Rs is up to 24th November. It will increase after This date.

15- New note of Rs 2000 will Issue on 11th of November 2016

New Note will look like:

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For more details stay connected.

Ask your problems in Comment box. 🙂

 

 

 

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  1. 10/11/2016

    […] See Also : Why Rs 500 And 1000 Note Banned-Scrapped […]

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