Everything you need to know about Rs 500 and Rs 1000 ban in India

Rs 500 and Rs 1000 ban in India

Narendra Modi, the Prime Minister of India announced that Rs 500 and Rs 1000 notes will not be used from midnight onwards. For those of you who have Rs 500 and Rs 1000 notes, you have time till December 30 to deposit them at the banks and post offices.

Not just that, the ATMs will be closed and banks won’t function tomorrow. The ATMs may not work in some places on Thursday as well. Government Hospitals will accept the Rs 500 and Rs 1000 notes till November 11. The same is with the Petrol Pumps as well. The petrol pumps will also have to keep every entry of Rs 500 and Rs 1000 till November 11. This move is taken by the government to get a control over the black money in the country.

The cemeteries and crematoriums are also allowed to transact Rs 500 an Rs 1000 notes till November 11. However, there will not be any change in the way you exchange currencry, may it be the payments via Credit or Debit card or a Cheque.

If you fail to deposit the Rs 500 and Rs 1000 by December, you will get another chance to do so till March 31, 2017 although the process would be long as you will have to submit your ID proofs after December 30.

A new Rs 2000 and Rs 500 notes will be circulated by RBI very soon across the country. The Reserve Bank has decided to lessen the notes with higher value.

The Prime Minister in his statement said that a Special Investigating Team is working to identify whether who has sent the money abroad. This move is not going to affect the common man and is very likely to affect the unaccounted money holders.

Many Government official and political leaders have supported Narendra Modi move to withdraw currency notes of Rs. 500 and Rs. 1,000 denomination and calling it as his boldest step and a “surgical strike on black money”, Bollywood actors Hrithik Roshan salutes the PM for the inpsirational move on demonetization.

Let us know your views on this decision by the Government of India in the comments section below.

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About the Author: Derin J Tom

A homosapien in the pursuit of lending this cosmic world a small contribution of my supersonic dumb thoughts through words.

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