Abhey
Notes of Rs 500 and Rs 1000 ceased to be legal tender
Abhey Narula 9 Nov 2016

Notes of Rs 500 and Rs 1000 ceased to be legal tender

Prime Minister Narendra Modi on Tuesday night made the announcement in a blow to the nation that all Rs 500 and Rs 1000 notes will be tendered illegal from midnight. This decision has purely taken to wipe out the menace of corruption and black money.

However the notes of 100, 20, 50, 10, two, one and five rupee still remain legal tender and will not be affected by the decision, PM Modi said, adding that all the banks will be closed on 9th November 2016 (Wednesday) for public dealing and ATM’S will be closed on 9th and 10th November 2016 (Wednesday and Thursday) in some places.

The Prime Minister also announced that existing Rs 500 and Rs 1000 notes can either be deposited in post office accounts or an individual’s bank from November 10 till December 30. The currency value up to Rs 4000 (per day) can be exchanged from post office or any nearby bank till November 24 by using government identity card.

Also, government hospitals, air, bus and railway ticket booking places will keep accepting the old notes. Till November 11 old notes will be accepted at diesel, petrol and gas stations which are from public sector.Rs 500 and Rs 2000 notes will be issued from November 10 by Reserve Bank of India.

Once the ATMs start working, initially public can withdraw limit of Rs 2000 per day which will further increase to Rs 4000, later withdrawal amount will again be increased in the coming weeks. Mr. PM also said there will be as such no restriction on any type of non-cash payments by demand drafts, cheques credit or debit cards or any electronic fund transfer. The public need not worry about their money because that money belongs to them only. The complete arrangement is made in a way to ensure that citizens face less difficulty during money transactions.

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