Rs 500, Rs 1,000 currency notes banned
The demonetisation of Rs 1,000 and Rs 500 notes is a major assault on black money hoarders, fake currency, and corruption.
In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1,000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper."ATM withdrawals will be restricted to Rs 2,000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. Banks will remain closed on Thursday and ATMs will also not functiontomorrow and day after, Modi said.
The prime minister said that black money and corruption have not only been affecting the Indian economy but has also helped finance terror activities been helping finance terrorist activities, and the new rule will help bring down both.
Modi, however, clarified that the citizens will be able to deposit old notes of Rs 500 and Rs 1,000 at post offices and banks of their choice."The public will have 50 days time between 10 November and 30 December to deposit old notes of Rs 500 and Rs 1,000 after showing a proof of identity," he said. The accepted POI documents include Pan Card, Aadhaar Card, Voters ID Card, Driver's License and Passport.
The exchange of old notes, however, will be limited to Rs 2,000 between 10 and 24 November, and it will be increased up to Rs 4,000 between 25 November to 30 December.
Source : F business
In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1,000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper."ATM withdrawals will be restricted to Rs 2,000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. Banks will remain closed on Thursday and ATMs will also not functiontomorrow and day after, Modi said.
The prime minister said that black money and corruption have not only been affecting the Indian economy but has also helped finance terror activities been helping finance terrorist activities, and the new rule will help bring down both.
Modi, however, clarified that the citizens will be able to deposit old notes of Rs 500 and Rs 1,000 at post offices and banks of their choice."The public will have 50 days time between 10 November and 30 December to deposit old notes of Rs 500 and Rs 1,000 after showing a proof of identity," he said. The accepted POI documents include Pan Card, Aadhaar Card, Voters ID Card, Driver's License and Passport.
The exchange of old notes, however, will be limited to Rs 2,000 between 10 and 24 November, and it will be increased up to Rs 4,000 between 25 November to 30 December.
Source : F business
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