Narendra Modi banned Rs 500, Rs 1000 Indian Rupee notes, What for next 72 hours?

Announcing the discontinuation of existing Rs 1000 and Rs 500 notes with effect from midnight tonight, the Narendra Modi government has outlined following steps to make it easier for citizens for the transition:

For the next 72 hours

  • Government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payments.
  • Ticket booking counters of the railway, government buses and airlines counters at airports will accept the old notes for purchase of tickets.
  • Petrol, diesel and gas stations authorised by public sector oil companies to accept old notes.
  • Consumers cooperative stores authorised by state or central government, state government authorised milk booths will accept the old Rs 500 and Rs 1000 notes.
  • Crematoria and burial grounds will also accept the old notes.

In order to exchange the old notes, public can

  • Deposit the old notes of Rs 500 and Rs 1,000 in banks or post office accounts from November 10, till December 30, 2016 without any limit.
  • There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
  • ATMs will not work on Nov 9 -10.
  • In the first few days there will be a limit of Rs 2,000 per day per card. This will be raised to Rs 4,000 later.
  • Exchange old notes of Rs 500 and Rs 1,000 at any bank or head post office or sub-post office amounting to Rs 4,000 while showing ID proof up to November 24.
  • No restriction of any kind of non-cash payments by cheque, demand draft, credit cards and electronic fund transfer.

Demonetisation of Rs 1,000 and Rs 500 notes bold step by Narendra Modi government: President Pranab Mukherjee

narendra modi banned rs 500 rs 1000 indian rupee notes what for next 72 hours

President Pranab Mukherjee tonight welcomed as a bold step Prime Minister Narendra Modi’s announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.

He said Modi called on him this evening and briefed about the government’s decision to declare that all Rs 1000 and 500 currency notes will cease to be legal tender from midnight tonight.

President Mukherjee welcomed the bold step taken by the government which will help unearth unaccounted money as well as counterfeit currency, a Rashtrapati Bhavan statement said.

Mukherjee called upon people not to panic and to follow the government’s guidelines for exchanging currency notes of Rs 1000 and Rs 500 denomination available with them.

He reminded that all currency notes below Rs 500 will continue as legal tender.

The President called upon all people to avail of the opportunity provided by the government to exchange currency notes of Rs 1000 and 500 denomination for new legal tender.

rs 500 and rs 1000 curreny note

Modi also informed the President that these notes can be used for a certain purpose for a limited period.

Andhra Pradesh CM Chandrababu Naidu hails PM Narendra Modi announcement on Rs 1,000, Rs 500 notes

Andhra Pradesh Chief Minister Chandrababu Naidu tonight welcomed Prime Minister Narendra Modi announcement that Rs 1,000 and Rs 500 notes will become invalid with effect from midnight, terming it as a “major step” forward in wiping out black money from the system.

“This a major step forward towards wiping out black money. This will also pave the way for eliminating corruption,” he said in a statement, minutes after Modi made the surprise announcement in a televised address to the nation.

He complimented the Prime Minister Narendra Modi for taking such a bold decision.

Naidu was the first important politician to raise the demand for the abolition of Rs 500 and Rs 1,000 currency notes three years ago, saying such a step will weed out corruption and buying of votes.

Last month, he wrote a letter to Modi reiterating his demand.

The PM Narendra Modi announcement on demonetisation of Rs 1000 and Rs 500 notes is being seen as a major assault on black money, fake currency and corruption.

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