500 and 1000 Notes Were Banned

500 and 1000 Notes Were Banned

500 and 1000 Notes Were Banned

PM Narendra Modi tonight, announced that Rs 500 and Rs 1000 notes will no longer be valid from midnight onwards in a major strike on fake currency, black money, and corruption. PM Modi announced in a TV address to the nation, they Launched Newly designed Rs 2000 and Rs 500 Notes in India. Check Below How to Return Banned Notes.

Prime Minister Modi, in a televised address to the nation Tonight, announced that Rs 1000 and Rs 500 Notes will not be used from midnight onwards. He said that such notes will become “mere paper” and the move was essential to fight “the disease of black money.” Indian Citizens will have 50 days (between 10th November and 30th December) to Return Banned Notes. The Rs 500 and Rs 1000 notes must be deposited at post offices and banks by the end of December.

Some important decisions and some serious issues Shared by PM Modi. Tomorrow and day after (9th and 10th of November), all banks and post offices have been ordered to be shut, for Executive changes and to get ready for the transition to Indian currency. The exchange of Rs 1000 and Rs 500 notes for Rs. 100 notes will only take place until 31st December 2016. Those who want to exchange the notes, they can Go to their respective banks and at their nearest post offices.

From 10th to 24th November, people can exchange their money, at the rate of Rs. 4000 per day. Withdrawal limit will also be imposed on ATMs. people can only withdraw Rs. 2000 per day. For 72 hours, until 11th November midnight, government hospitals, government-authorised Local stores like ticketing counters and milk booths will continue to accept the old banned Rs 1000 and 500 notes. However, ATM cards, Checks, and demand drafts will work as usual, regardless of cash transactions. If someone is not able to deposit the Banned Currency until the 30th of December, they will have to head to the Reserve Bank of India to get the legal denominations.

500 and 1000 Rupee Notes were banned in India

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