PM Modi came up with a dramatic announcement on November 8 which left the entire nation on its toes. The announcement of demonetization of 500 and 1000 notes from the entire money circulation has been made to assault the currency corruption or the so called black money market. These notes have been declared as invalid and also been advised to deposit local bank or post office in order to have the same amount money in exchange. This exchange is nationally valid from November 10th to December 30th 2016. These notes cannot be used for any transactions. New series of 500 and 2000 notes will be released on coming Friday.
Modi’s speech in nutshell-
• Notes of Rs 500 and Rs 1000 will not be counted as legal transactions from November 9,2016.
• All the existing 500 and 1000 notes are just like piece of papers
• New notes of Rs 500 and Rs 2,000 would be released and circulated from November 10/11th
• ATMs will not work on November 9th and 10th
• People can exchange these notes from banks and post offices until December 30th, 2016.
• Under any circumstances if people fail to exchange their notes within this period for them this period will be stretched up to March 31. People
will have to bring their identity proof during the deposition
• Banks and Post offices will remain close for November 9th for the consumers
• For the initial 72 hrs of these declaration only hospitals, medicine shops and petrol pumps will accept these old notes.
• Some medical facilities will be off the hook for the time being
• Rs 2000 weekly cap on exchange of 500 and 1000 notes
• At a time RS 2000 can be withdrawn from the ATMs after the ATMs open, till 24th of November or so after which this withdrawal limit will be normalized
• Similarly one can exchange Rs 4000 till November 24 at a time from the bank whereas deposit 20000 in a week
• Online fund transfer won’t get affected by this
The PM said: ‘’Though India is now "a global bright spot" with its fast-growing economy, corruption and black or undeclared money are the biggest obstacles to our success. We are No 1 in rate of economic growth, while adding that despite some progress, India still ranks at No 76 in world rankings for perception of corruption. Since his government was elected, 1.25 lakh crores of black money "belonging to the corrupt" has been uncovered, through a series of measures including a voluntary disclosure scheme which has seen a good response. The PM also said that fake Rs. 500 notes are employed "by the enemy across the border" to sponsor deadly attacks.’’
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