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PM Modi bans Rs.500 and Rs.1000 currency notes in India !

Some days ago, people in India were getting curious to know how to identify fake currency notes in India. However this will not apply to Rs.500 & Rs.1000 notes from now on.

Taking one step towards the direction of getting tight on black money, Prime Minister of India announced a ban on Rs.500 and Rs.1000 currency notes in India. He also said that it will help the government to stop corruption in India. These notes will be merely a piece of paper after 08/11/2016.

There are some things which every Indian must know about this decision.

PM Modi bans Rs.500 and Rs.1000 currency notes in India !

Following are the things you must know about this Big Decision by PM Modi !!

1) Rs.500 & Rs.1000 Currency notes gets banned in India w.e.f 09/11/2016. You cannot use any of these notes any where from 09/11/2016.

Note : Government Hospitals, Government Dispensaries with Doctor’s Prescription, Government Bus Stops, Toll Plazas on Highways, Petrol/Diesel/CNG Pumps run by Public Companies, Milk booths, Crematoriums and Shav Grah will continue taking the old Rs.500 & Rs.1000 notes till 11/11/2016 midnight. Also, for buying Train and Flight Tickets these notes will be accepted till 11/11/2016 midnight.

2) ATMs in India will not work on 9th November’ 2016 and in some places it will not work on 10th November’ 2016 as well.

3) All Banks will remain closed on 9th November’ 2016.

4) If you currently have Rs.500 or Rs.1000 currency notes, you can either exchange them for new notes from any bank or deposit them in your Bank Account/Post Office Account within 10/11/2016 – 30/12/2016 only. You might need to show your Identity Card like Aadhaar Card, PAN Card etc.

Note : There is no limit to deposit your old currency notes per day till 30/12/2016. However, you are allowed to exchange only Rs.4000 per day from any Bank/Post Office till 24/11/2016. 25/11/2016 – 30/13/2016, any amount more than Rs.4000 can also be exchanged from any Bank/Post Office.

5) After 30/12/2016, these currency notes will not work and will act just like a piece of paper.

6) Government is planning to introduce new currency notes of Rs.500 and a Rs.2000 note in some days.

7) Please note that Rs.100, Rs.50, Rs.20, Rs.10, Rs.5, Rs.2, Rs.1 and all coins will work as it is.

8) From 10/11/2016 to 18/11/2016, you will be allowed to withdraw only Rs.2000 per day through any ATM Machine. 19/11/2016 Onwards, you will be allowed to withdraw only Rs.4000 per day through any ATM Machine

Specimen of Rs.2000 and Rs.500 notes to be introduced in India
Specimen of Rs.2000 and Rs.500 notes to be introduced in India

PM Modi believes that this decision might cause a chaos situation at the banks. It might also cause a lot of inconvenience to the Account Holders. However, he feels that this decision will help India to fight against corruption and black money.

What is you word on this sudden decision by PM Modi. Don’t forget to leave your comments below.

About Anirudh Singh

Anirudh Singh is a passionate Blogger and the man behind Amazing India Blog . He writes about wide range of topics but loves to write Travel Related Articles . He is the most viewed writer on Quora in Indian Passports, Aadhaar Number (UIDAI), PAN Card, Birth Certificates & Voter Identification Laws. Connect with him on Facebook.

2 comments

  1. PM Narender Modi was in the air at about 9 PM on 8 November 2016 announcing that currency notes of rupees 500 and 1000 stood banned effective from midnight of the said date. Details of going about and conditions were also spelt out. The objectives of the move so declared are obvious and could likely have salutary effect on economy of the nation. In this regard , it may be relevant to let readers know this Vedic astrology writer’s prediction in article “ 2017 – an opportune year for India with some major worrisome concerns in February- March and August- September” under submission to a well known print-online news magazine thequint.com for some days past from 9 November 2016. These yearly predictions , like those hitherto well –known for the present year 2016 published on 18 January 2016 and happened meaningful , are intended to serve as an alert for the nation for strategies to deal with likely planetary influences from cosmos having potential to manifest in some scenario. Briefly speaking , the year seems to suggest , as the title of the article goes , certain opportunities for the nation followed by realization during April to July . Having said that , it does not mean that there are no opportunities or realization during remaining period of the year but the quantum seems to be not as much as in April- July. At the same time , as the title of the article further suggests , February- March and August- September look to be having potential to cause major worries but much depends on how prepared nation is to face or set off those impacts, meaning thereby that these predictions donot carry a character of certainty or determinism. Our doings or present acts known as ‘ karma’ also has a role in either diluting or reducing such planetary potential. Coming to the economy of the nation during the year , this is what has been said in the article under submission : – “ Economy may be straightened up to an extent”. So it seems one big step or measure of the Govt has come in that direction on the midnight of 8 November 2016 , on the eve of 2017.

  2. bold step taken by any govt in few years.. hats off !!

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