500, 1000 Rupee notes to be discontinued from 9 November

In a move to curtail Black money, terrorist financing, fake currency Prime Minister Modi has declared 500, 1000 notes to be considered as Illegal for any transaction beginning midnight  9 November.

Important Points from PM’s Speech:screen-shot-2016-11-08-at-9-14-18-pm

  • From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender.
  • Government hospitals, international airports, bus ticket window, train ticket window will continue use of these notes till 11 November.
  • There is no restrictions on internet banking, cash, demand draft transactions.
  • Banks will be closed on November 9. ATM’s would not work on November 9 & 10.
  • The currency notes can be exchanged in banks and head post offices and sub post office from November 10 till December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
  • People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration, till March 31, 2017.
  • A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.

How will this help:

As all the 500 & 1000 notes have been declared illegal, the move will help to:

  • Curtail Black money,
  • Terrorist financing,
  • Fake currency.
  • Improving election process in coming State elections in UP etc as the illicit cash flow will now be curtailed.
  • pmo

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