Its a 9/11 attack for India but in an progressive attempt for Indian economy.
Narendra Modi , our honorable prime minister announced on 8th Nov 2016 that post mid night all 500 & 1000 rupee note will not be used for legal tender.
Its just an attempt to bring out black money. He has urged all the citizens not to panic in this situation and no common interest would be at risk.
He has announced banks will be closed on 9th & 10th Nov, post that any one can go and deposit notes in their respective accounts but with a pre-defined limit on daily basis.
Few main points to consider:-
- ATM’ wouldn’t work on 9th and 10th November. Post that withdrawal limit will Rs 2000 only.
- All Citizens have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
- Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
- No changes in online, card, cheque or any other plastic money transactions.
- 9th & 10th Nov, banks wouldn’t be available for public banking services.
- New notes of 500 rupees and 2000 rupees would bring in circulation, dates still not yet confirmed
Be safe and calm, nothing to worry in case you are right. Everything will be good
Image- Courtesy Economic Times