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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 has 5 years of experience in the newspaper industry and he founded Amazing India Blog in 2015. Apart from writing and editing articles on Travel, Business and Technology at Amazing India Blog, he also contributes to other well known newspapers and online news blogs.