Tuesday night was worth remembering for the entire nation as PM Modi in his sudden address to the nation announced that existing Rs. 500 and Rs. 1000 notes can no longer be used in any kind of transaction after Midnight.
The notes must be Deposited at post offices, and banks starting from Thursday to December 30th. The move was described as essential to fighting the corruption and black money.
But you need not worry, as PM Modi said, “Your money will remain yours…you need have no worry on this account,” while stressing that the new notes will be in limited supply at first and will then be increased.
He urges the country to bear with “temporary hardships”.
Following are the points to know for Public interest, we hope this may help you:
- Banks will be closed for Public transactions on Wednesday; neither will ATM’s be Functioning.
- Currency notes that are currently in use can be traded up to Rs. 4000 till November 24.
- All citizens must deposit old notes of Rs. 500 and Rs. 1000 in banks or post office accounts from 10th November till 30th December without any limit. The only limit levied is for withdrawal of Rs. 10,000 per day and Rs 20,000 per week.
- One must carry Aadhar Card and PAN card while going for exchanging notes.
- After December 30, these can be changed at the Reserve Bank of India (RBI).
- Government Hospitals will accept Rs. 500, 1000 notes till November 11. A doctor’s prescription must be carried with such notes.
- Tourists will be allowed to change notes at airports.
- Railway, Bus, and Air Ticket counters will accept the notes for Another 72 hours for the purchase of tickets.
- This will also be allowed till Nov 11 at petrol stations authorized by public sector oil companies, milk booths and crematoria and burial grounds.
- Notes of Rs. 100 or lower denominations along with coins will continue to be legal tender.
The Reserve bank of India has accepted the proposal for new 500 and 200 rupee note and may be launched on Thursday, November 10.
The move leaves a lot of uncertainty about the Indian economy at least in the short term.