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Prime Minister Narendra Modi on the eve of 8th November 2016 shocked the nation by banning 500 and 1000 rs notes. Modi’s explains the main reasons for this:
- Terrorism: As terrorists mainly use fake notes to buy the weapons.
- Corruption and black money.
Highlights on ban of 500 and 1000 rs currency notes
- 500 and 1000 rupees notes are no longer acceptable for transactions from midnight of 8th November 2016.
- People can deposit 500 and 1000 rs notes into their bank or post office account from 10th November 2016 to till banking hours of 30th December 2016.
- After 30th December 2016, a person can exchange in special offices of RBI and deposit notes after submitting a declaration from till 31st March 2017.
- A person can withdraw a maximum of 10,000 per day and overall limit of 20,000 per week(including ATM cash withdraws) from his account till 24th November 2016.
- For immediate needs 500 and 1000 rs notes can be exchanged at post offices by submitting the approved ID proof such as Aadhar , voter card etc.
- Exchange limit is 4000 rs per day till 24th November 2016 and later limit increases.
- Banks and ATM’s will be closed on November 9th and will remain open on 12th and 13th which are second saturday and sunday.
- Maximum amount of withdrawl from ATM is 2000 per card per day till 18th November.
- There is no restriction of limit on non-cash transaction like money transfer, DD, credit card etc.
These Places accept 500 and 1000 rs notes till 11th November 2016
- Government hospitals for those whom and his family members suffer from health issues.
- Government pharmacy upon showing a valid medical prescription.
- Railway booking counters.
- Government bus booking counters.
- Airline Ticket counters at airports.
- Consumer co-operative stores authorised by state or central government.
- Milk booths authorised by state governments.
- Crematoriums and burial grounds.
- Petrol, diesel and gas filling stations authorised by public sector oil companies.
The 500 and 1000 rs notes are acceptable in the above places only upon purchase or payment for the services used by the person.