Indian Government has taken historical decision to banned 500 and 1000 rs notes in India from 8th November 2016 to crub black money from Indian economy.
The Prime Minister said that this initiative has been to put a curb on black money. He said that corruption is a deposit of funds black money, citing anonymous help both the illegal business and record less business. The militants are using this black money to buy weapons to destroy nation.
Prime Minister Narendra Modi has taken a historic decision on the economic front, the battle against corruption and black money issue.
Fake currency notes moves in the country at large scale. It is estimated that the economy of fake currency is about 2 million. From them 23% notes are 100 rs, 44% fake notes are of 500 rs and 24% fake notes are of 1000 rs.
Old notes may be changed in banks and post offices until 30 December. Indian government has also announced about plans to issue new notes of Rs 500 and 2000 in market.
The ATM can be used on November 9 and 10, 2016 because of to update bank system and ATM machine with new notes.
What PM Modi said on 500 and 1000 Rs ban?
Indian people have to deposit old currency of 500 and 1000 rs notes to bank and near post office before 30 December.
If could not able to do this before 30 December 2016 then you have to affidavit and you have to deposit old currency to authority of office and branch of reserve bank (RBI).
ATM Will be Close till 10th November 2016
PM Narendra Modi Said that “Till 10th November majority ATM will not work due to update requirement of system. Daily withdraw limit will be 2000 rs per day. May be it will extended to 4000 rs per day.”
The ATM which will not work on that day; it will have only 500 and 1000 Rs notes only. As per rules of Indian government 500 and 1000 rs note will be invalid after midnight of 8th November 2016.
But keeping in mind the requirements of normal human life perspective have been specially arranged for the citizens in the process in the first 72 hours until 12 pm on the night of 11 November.
Top Reason why Indian government banned rs 500 and 1000 notes?
- – Government has taken this step to stop black money from the market.
- – Once all 500 and 1000 notes will be come out from market after that no issue will be there of black money.
- – This step will be beneficial for common human life to don’t have this black money.
- – Once this black money will out from Indian market, The Indian economy will become stronger as other countries are.
Rs 500 and 1000 Arrangement till 11th November:
By keeping in mind normal people life, Indian government has given some solution till 11 November night 12:00 O’clock.
- – In government hospitals this 500 & 1000 rs notes will be acceptable.
- – To purchase medicine 500 rs not will be work currently.
- – Old currency will work on railway station, international airport and bus station only to buy ticket.
- – It will also work on co-operative shop but that particular organization must have to keep records properly.
- – On petrol pump rs 500 and 1000 notes will work but it is also necessary to keep stock records by the owner of petrol pump.
- – On international airport this note will work to only exchange of currency of 5000 rs.