500 1000 Rupees currency notes circulation withdrawn from midnight 08-11-2016
Let us ignore the temporary hardship and contribute to this Maha Yagya says Modi
Prime Minister Narendra Modi in his TV address to the Nation has announced the withdrawal/ban of currency notes of Rupees 500/- and Rs. 1000/- from the circulation from midnight of Tuesday, 8th November, 2016. This means that these banks note will not be acceptable for transactions from the midnight of 8th November, 2016.
This move apparently seeks to unearth and put a ban on the black money in circulation by declaring Rs. 1000/- and 500/- as not a legal tender. This would also put a check on counterfeit currency notes fueled into the Country by the terrorist groups operating from Pakistan.
These Rs. 500/- and 1000/- notes hoarded by anti national and anti social elements will become just worthless piece of papers
To minimise the difficulties to the common people in the comming days, several steps have been taken. Persons holding such notes can deposited them banks/post office in a phased manner in coming 50 days period from 10-11-2016 till 30th December, 2016 without any limit.
However after depositing the notes, keeping in view the supply of new notes in first few days, one can withdraw money from banks subject to limits as under:
Per day withdrawal Limit – Rs 10,000 per day
Per week withdrawal Limit – Rs 20,000 per week.
ATM daily withdrawal limit – Rs.2000/-per card (to be raised to Rs. 4000/- later)
Limit on Exchange of old bank notes of 500 and 1000
However for immediate needs, citizens may go to any bank/post office, show their ID proof (AADHAAR, Voter ID/PAN/Passport etc.) and exchange old 500/- or 100/- notes for new bank notes. From 10-11-2016 to 24-11-2016, the limit for exchange will be Rs. 4000/- and from 25-11-2016 to 30-12-2016 the limit shall be increased.
Those person who for any reason are not able to deposit such old noted in bank by 30-12-2016, they can go to specified RBI offices till 31st March, 2017, and deposit them by submitted a declaration.
All ATMS shall be closed on 09-11-2016 and on some place on 10th November also.
However for humanitarian reasons and to avoid hardship, hospitals, pharmacists etc. shall continue to accept such bank notes till next 72 hours , i.e. midnight of 11-11-2016. Also for persons in mid of travel, Airlines, Railways and Roadway shall also accept such bank notes till next 72 hours , i.e. midnight of 11-11-2016.
PM Modi assured that bank notes of Rs. 100/-, 50/- 20/-, 10/-, 5/-, 2/- and all coins shall remain to be legal tenders and will not be affected. Modi termed this step as the one that will strengthen the hands of the common man against the fight against the corruption, black money and fake currency.
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The Press Release of the Government in this regard is as under:
In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016. The Government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation.
Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today.
Prime Minister Shri Narendra Modi made these important announcements during a televised address to the nation on the evening of Tuesday 8th November 2016. He said that these decisions will fully protect the interests of honest and hard-working citizens of India and that those five hundred and one thousand rupee notes hoarded by anti-national and anti-social elements will become worthless pieces of paper.
The Prime Minister said the steps taken by the Government would strengthen the hands of the common citizens in the fight against corruption, black money and counterfeit notes.
Fully sensitive to some of the difficulties the common citizens may face in the coming days, the Prime Minister has announced a series of steps that will help overcome the potential problems.
Persons holding old notes of five hundred or one thousand rupees can deposit these notes in bank or post offices from 10th November onwards till 30th December, the Prime Minister announced. There are also some limits placed on the withdrawals from ATMs and bank for the very short run.
Shri Modi stated that on humanitarian grounds notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds.
Shri Modi emphasized that there is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
In his address the Prime Minister shared the insight into how the magnitude of cash in circulation is linked to inflation and how the inflation situation is worsened due to the cash deployed through corrupt means. The Prime Minister added that it adversely affects the poor and the neo-middle class people. He cited the example of the problems being faced by the honest citizens while buying houses.
A time-tested commitment to eradicate black money
The Prime Minister has time and again said that the Government is committed to ensure that the menace of black money is overcome. Over the past two and a half years of the NDA Government, he has walked the talk and led by example.
The very first decision of the Prime Minister led NDA government was the formation of a SIT on black money.
A law was passed in 2015 on disclosure of foreign bank accounts. In August 2016 strict rules were put in place to curtail benami transactions. During the same period a scheme to declare black money was introduced.
The efforts have borne fruit. Over the past two and a half years, more than Rs. 1.25 lakh crore of black money has been brought into the open.
Raising the issue of black money at the world stage
Prime Minister Narendra Modi has time and again raised the issue of black money at the global forum, including at important multilateral summits and in bilateral meetings with leaders.
Record growth in last two and a half years
The Prime Minister said that the efforts of the Government have led to India emerging as a bright spot in the global economy. India is a preferred destination for investment and India is also an easier place to do business in. Leading financial agencies have shared their optimism about India’s growth as well.
Combined with this, Indian enterprise and innovation has received a fillip due to the ‘Make in India’, ‘Start up India’ and ‘Stand up India’ initiatives that seek to celebrate enterprise, innovation and research in India.
The historic announcements made by the Prime Minister will add value to the already thriving efforts of the Central Government.