Narendra Modi government has taken a surprising decision to remove black money in the country by declaring that Rs. 500 and Rs. 1,000 currency notes will no longer be legal from midnight today. These notes can be exchanged or deposited in banks and post offices from November 10 till December 30, 2016. Meanwhile, ATM withdrawals are restricted to Rs 2000 per day and the withdrawals of every citizen from banks are capped at Rs 10,000 per day and Rs 20,000 per week which seems to be less. This limit will be increased in the coming days and meanwhile, this ban on notes can be major stroke on Indian economy.
You can use your old Rs 500 and Rs 1,000 for next 72 hours in petrol bunks, Government hospitals, for bucking air, bus and train tickets and in all authorized government consumer co-operative stores. Those who are unable to deposit or exchange Rs 1000 and Rs 500 notes till December 30, 2016 can exchange them in designated RBI offices till March 31 next year by filling a declaration form with proof along with reasons. Indian government believes that by taking this decision they can hit black markets down and instead of Rs 500 and 1000 notes RBI will be issuing new 500 and 2000 rupee notes. The new currency notes come with different pictures and they will be a regular currency circulation over India.
The news currency notes of Rs 500 and Rs 2000 will be issued from November 10 onwards and the new note of Rs 2,000 contains the image of Mangalyaan and Rs 500 note with a Red Fort Image. While exchanging your old 500 and 1000 rupees note one must show a valid government identity card such as, PAN, Aadhaar and Election Card. Banks will remain closed on November 9 and some place on November 10th as well to cope with the new directive. The present government took drastic steps which may cause problems to common people but the decision taken by Prime Minister is appreciated by most of the public, but we have to wait and watch how this turns out to be. Due to the sudden decision, common people are in a big dilemma and there are big lines near all ATM centres.