1000, 500 note banned in India
In one of the most shocking declaration ever made by the prime minister Modi, 500 and 1000 rupee notes termed as illegal from tomorrow. The prime minister announced his decision after a long cabinet meeting.
People can exchange their notes from Banks and post offices till december 31. Those who are going for an exchange of money should have to reveal the source of the money. Otherwise the rupee notes are going to stay as paper forever.
The declaration of the prime minister totally shocked the entire nation. The prime minister clearly said in his statement that nobody will lose their money. In fact the old notes can be exchanged form November 10 to december 31 in all banks and post offices. For emergency needs, one can use old notes.
The declaration came as shocking surprise without any prior hint. The decision is aimed to curb the rising black money, fake notes and scams that is doing rounds all around the country.
The decision will also stop the flow of Fake currencies from Pakistan. Pakistan is the main supply source of money for terrorist activities in India.
The cancellation of the notes will directly stop the flow of money from pakistan and indirectly make a full stop to fake currencies.
The production of 1000 rupee notes have been completely stopped and new currency forms of 500, 2000 will come into circulation soon. ATM’s across the country would not work on november 9 and this will continue on November 10 at some places.
Tommorrow, Banks are also on a holiday for the public. Other facilities like Credit/debit cards, internet banking, DD etc can be used as usual.
A discount of declaration has been granted to emergency services like hospitals, petrol pumps. railway stations, airports etc. In these places the notes can be used till november 11.
The new series of 500, 2000 rupee notes with advanced chips in it will soon come to circulation. The ATM withdrawals also limited to rupees 100,00 per day and the weekly withdrawal limit has been set to Rs 200,00.