Government bans Rs 500 and Rs 1000 notes to curb blackmoney

Rs 500 and Rs 1000 notes will be not be legal from 8th November 2016 midnight(New Rs.500 and Rs.2000 to be rolled out soon)

New Rs.2000 and Rs.500 with enhanced security features

In his 40-minute address, the Prime Minister Narendra Modi said the notes of Rs 500 and Rs 1000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper."

And he added that, all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.

He also announced that new notes of Rs 2000 and Rs 500 will be introduced. Main purpose behind this weird decision is to 'curb black money and counterfeit currencies".

Exceptions

Rs.500 and Rs.1000 notes  will be accepted at following places till 11th November 2016.

• Hospitals
• Railway counters
• Milk booths
• Bus ticket counters
• Crematoriums and cemeteries
• Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.

Exchange of Rs 500 and Rs 1000 notes

• Can be exchanged from November 10th to December 30 through post offices and banks.Those unable to deposit Rs. 1000, Rs.500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof

Restriction  in ATM Withdrawals

• ATM and banks will be closed on 9th November
• ATM will be partially opened on 10th November
• After 10th November ATM withdrawals will be restricted to Rs 2000 per day initially,after that withdrawals will be limited to Rs 10,000 a day and Rs 20,000 a week.

Online and other cash transactions

• Cashless fund transfer won't be affected by this 

New notes of Rs.500 and Rs.2000

• New notes of Rs 500 and Rs 2,000 would be released and circulated soon 

 Ban of  Rs 500 and Rs 1000:What you should Do?

No need of Panic.You have got 50 days in your hand to exchange 'legal' money.But,off-course you are going to suffer for few days. 

• Kindly note the exceptions till 11th November 2016
• Exchange Rs 500 and Rs 1000 through post offices and banks from 10th November 2016
• Do not fall prey to counterfeit currency and black money holders(They may offer to exchange your notes )
• Depend only on banks and post offices to exchange notes

Let's bear this for this few days.Surely this decision will help our country to curb the menace of black money and fake notes