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(Latest) PM Narendra Modi Ban 500 Notes & 1000 Notes to Control Black Money.

PM Narendra Modi Ban 500 & 1000 Notes to Control Black Money in India.

Indian Prime Minister Mr. Narendra Modi bans 500 & 1000 notes from midnight of 8th Nov 2016. You have 50 days to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office: Narendra Modi.

To choke black money Modi withdraws old notes, to introduce new Rs 500, Rs 2k notes. Move aimed to flush out black money hoarders, counterfeit notes; govt withdraws Rs 500 and Rs 1000 notes from midnight.

PM Narendra Modi addresses the nation at 8 PM today. The address is first in Hindi followed by English.

In an exceptional step to tackle the scourge of black cash within the country, top Minister Narendra Modi on Tuesday stated Rs 500 and Rs a thousand notes will not be authorized from middle of the night at present. He defined that the forex notes can be simply paper with no value.

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(Photo: Twitter/Prime Minister’s Office)

In his first televised address with to the nation, Modi said persons keeping notes of Rs 500 and Rs a 1000 can deposit the equal in their bank and post office accounts from November 10 until December 30.

“Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value,” he added, saying some ATMs in the country may not function on November 9 and 10.

He assured the nation that the notes of Rs 100, 50, 10 and coins of all denominations will stay authorized smooth and might not be affected and that “this step will improve the hands of the common man in the fight against black money”

The government additionally listed some exceptions to aid minimise inconvenience to the common people, like hospitals will continues to take big currencies for the subsequent 72 hours.

Modi’s announcement comes simply days after some leaders suggested that foreign money notes of Rs one thousand and Rs 500 denominations must be abolished to curb black cash within the nation.

The top Minister stated that black cash to the tune of Rs 1.25 lakh crore had been unearthed in the course of final 2.5 years.

Here’s what you need to do with your Rs. 500 and Rs. 1000 notes / How you can exchange old notes with new one.

  1. Deposit them at the bank or post office from November 10 to December 30.
  2. Exchange them from a bank or post office till 24 November. The limit for exchange is Rs. 4000.
  3. Take Aadhaar card and Pan Card when you go to exchange notes.
  4. After December 30, these can be deposited at the Reserve Bank with a declaration.
  5. Tourists can change the notes at airports.

Your Rs. 500 and Rs. 1000 notes be accepted till November 11 at:

  1. For 72 hours Government Hospitals will continue to accept old 500 & 1000 notes for payment.
  2. For 71 hours Railway Ticket Booking Counters, Ticket Counters of Govt buses & airline ticket counters at airports will accept the old tickets for purchasing tickets.
  3. Petrol Pumps and government hospitals.
  4. Railway, airline, government bus  ticket booking counters.
  5. Consumer co-operative stores run by state or central government.
  6. Milk booths authorized by state governments.
  7. Crematoriums and burial grounds.

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New Notes will be circulated shortly through every Bank & Post Offices.

Where can I exchange/ deposit my Rs 500 and Rs 1000 notes?

From November 10 till November 30 you can deposit the old notes at your nearest bank or post office. But withdrawals from banks are capped at ₹10000 per day and ₹20000 per week. This limit will be increased in the coming days.

Proof of identity like (Aadhar Card, Pan Card, Voter Id Card, Pass Port or any govt authorised identity card) is required each time you go to banks for exchange and withdrawal of money.

Besides depositing money in bank accounts, the Rs 500, Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24. But the limit of exchange is Rs 4,000 per day.

But banks will remain closed tomorrow (November 9) allowing them time to cope with the new directive.

What are the restrictions on ATM withdrawals?

ATMs will be closed on Wednesday and Thursday. But from Friday you can withdraw money and ATMs will stop dispensing the existing 500 and 1000 notes.

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