All You Need To Know about the big announcement
In a meeting addressing the nation, Prime Minister of India Narendra Modi made an announcement regarding the currenty notes that is going to show a huge impact in the fiscal economy of India. The Prime Minster said the Rs. 500 and Rs. 1000 notes will be ceased from today. This key and bold decision taken by the governemnt is surely going to show a momentous impact on the nation. Starting from today, the Rs. 500 and Rs. 1000 notes are nothing but just the papers.
Replacing the Rs. 500 and Rs. 1000 notes, the govt is going to introduce new Rs. 500 and Rs. 2000 notes. All the Rs. 500 and Rs. 1000 notes that you have will be zero valued if you don’t exchange them by November 11th. Here are a few people friendly measures to minimize the incovinence for the people.
- The notes will be accepted at:
- Government hospitals and petrol pumps
- Airline, Railway and bus ticketing counters.
- Consumer cooperative stores run by State or Central governemnt.
- Milk booths authorised by governments
- Crematioriums and burial grounds
How to get rid of Rs. 500 and Rs. 1000 notes? Well, here is all you need to do.
- Deposit or exchange them in the bank or the post office starting from November 10th to December 30th. Rs. 4000 is the limit set for exchange of currency.
- Carrying an identitiy proof is mandatory to exchange or deposit the money.
- The amounts can also be deposited at Reserve Bank of India but with a declaration.
- Tourists are going to have the facility to exchange the notes at the airports and railway stations.
Another key note to remember is that ATMs and banks will be closed today all over the country in order to take care of the public transactions. In addition to the ceasure of the notes, the government said that only ten thousand rupees can be withdrawn from the bank per day and twenty thousand rupees can be withdrawn in a week.