Facts You Must Know About Discontinuation of Indian Rupees 500 and 1000 by Modi

Our beloved Prime Minister Narendra Modi declared to discontinue the existing notes of Rs 500 and Rs 1000. People are worried about this decision. So Government finds a solution that, the remaining notes (Rs.500/- or 1000/-.)  can deposit through a bank or post office from Thursday until December 30. Modi done this for the nation’s good. The Government takes this decision to find the black market and ruin it. As a result anyone can withdraw Rs.10,000 per day and per week Rs.20,000 from Bank or ATM. The RBI announced that 2000 rupee notes will soon become a regular currency over India. Here below, we have given some of the things about Modi’s discontinuation of Indian currency notes Rs. 500/- and Rs.1000/-.

discontinuation-of-indian-rupees-500-and-1000

1.The currency notes Rs. 500/- and Rs. 1000/-  banned from the midnight of 08 November 2016.

2. After 10 November 2016, the RBI is expected to introduce Rs. 2000/- note.

3. The Government takes this decision for the nation’s good. They want to ruin the black market, corruption and terrorism.

4. The Government allowed to deposit the remaining currency notes of Rs. 500/- and Rs. 1000/- from your nearest Post office or Bank till 30 December 2016.

4. The Government give permission to hospital and medical stores to accept Rs. 500/- and Rs.1000/- till 11 November 2016.

5. The ATMs will not open till 10 November 2016.

6. In case you are enabled to deposit the remaining notes of RS. 500 and Rs. 1000/-, can deposit it till 31st March 2017 by submitting Aadhar Card or Voter ID card.

7. At a time, the people can deposit up to Rs. 4000/- from ATM.

8. There is no restriction for various money transfer through accounts, net banking, mobile banking, RTGS, NEFT, DD etc.

9. You can deposit any amount of money to your own account. For this KYC or PAN Card is mandatory.

10. For depositing money to somebody’s account, authorization letter and identity proof of the recipient is needed.

This decision is taken as a result of finding 1.25 lakh crore black money. The Government wants to reduce terrorist activities, instances of bribing government officials, human trafficking deals, child labor, hawala transactions, cross-border smuggling and illegal trade.

Leave a Reply

Your email address will not be published.