Emergency! Emergency! Finally Our dear Prime Minister Mr. Modi has taken a big step against corruption and Black Money! India is on the brim of change and the 1st major step has been taken! Today he announced that Starting midnight, these notes will only be “worth the paper they are printed on”. He further added “In the past two-and-half-years, with the help of 125 crore people, this nation has registered itself as a bright spot in the global economy. This government is for the poor, and will remain a government of the poor”. Now that’s what we called a revolution!
Modi Rs. 1000 and Rs. 500 Notes are Illegal From 11 November 2016.
To stop the spread of counterfeit notes, which is aiding terror activities from across the border, the government has decided to scrap the notes of Rs. 500 and Rs. 1000. The move aims at curbing corruption and tackling black money issues. “Corruption and black money had come to be considered a truth of life. They have been eating away like termites at our national interest. This can no longer be permitted,” PM Modi added. # Modi Rs 1000
The Prime Minister addressed the nation at 8 PM today and announced the discontinuation of 500 and 1000 rupee notes went on as further to declaring them illegal! He stated that the move was essential to fight “the disease of black money”. A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India. # modi rs 1000
Immediate News and Steps to be taken!
1. Banks and ATMs closed to public on Wednesday i.e. 9th November 2016. The ATMs may not work at some places on next day also i.e. Thursday too!
2. A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.
3. Citizens must present Aadhar card and PAN card to exchange old notes
4. After Dec 30, old notes can be exchanged at RBI with a declaration
5. There will be no change in any other form of monetary exchange — cheque, DD, payment via credit or debit cards
6. ATM withdrawals will be restricted to Rs. 2,000 per day till November 11, when this limit may be increased slowly.
7. Withdrawals from bank accounts will be limited to Rs. 10,000 for the first few days.
8. Banks will remain shut on Wednesday
9. For medical patients, the old notes will be accepted.
10. Retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.
11. The new notes are braille-compliant. There are many new security features on the new notes, It won’t be easy to make counterfeits.
What you Need to do?
1. Change them at the bank or post office from November 10 to December 30. Take Aadhaar card and Pan Card when you go to exchange these notes. After December 30, these can be changed at the Reserve Bank with a declaration. Tourists can change the notes at airports.
2. The Rs. 500 and Rs. 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof.
3. All over the country, banks, post offices will operate for extended hours and additional desks will be opened.
New notes will be issued which will look like this! # modi rs 1000
The new notes are braille-compliant. There are many new security features on the new notes, It won’t be easy to make counterfeits. : RBI
History of demonetized Indian Currency
This is not the first run through this has happened in India, in any event in fact. Prior, Rs 1,000 and Rs 10,000 banknotes, which were available for use, were demonetized in January 1946, essentially to check unaccounted cash.
The higher section banknotes in Rs 1,000, Rs 5,000 and Rs 10,000 were reintroduced in the year 1954, and these banknotes (Rs 1,000, Rs 5,000 and Rs 10,000) were again demonetized in January 1978. So that makes it the last time demonetization was done in India. Just about 36 years prior. # modi rs 1000
In a move that has shaken the country, Prime Minister Narendra Modi on Tuesday void Rs 500 and Rs 1,000 notes compelling midnight. The move, went for handling fake notes and the black money economy, is relied upon to huge affect on the economy and is proportional to a generous withdrawal of cash or a huge climb in the loan costs. He communicated certainty that the staff of banks and post workplaces will meet the challenge at hand to present the new request inside the accessible time. The Indian government had accomplished something comparable in 1978 when it demonetized Rs 1,000, Rs 5,000 and Rs 10,000 notes.
Demonetization, as clarified by Investopedia, is the demonstration of stripping a cash unit of its status as legitimate delicate. Demonetization is fundamental at whatever point there is a change of national cash. The old unit of cash must be resigned and replace with another coin unit.
Investopedia included: “with a specific end goal to change to the euro, powers initially settled trade rates for the differed national monetary standards into euros. At the point when the euro was presented, the old national coinage were demonetized. In any case, the old monetary forms stayed convertible into euros for some time so that a smooth move through demonetization would be guaranteed.”
What RBI said?
The Reserve Bank has additionally clarified that the notes issued before 2005 will keep on being legitimate delicate. This would imply that banks are required to trade the notes for their clients and in addition for non-clients. From July 1, 2014, in any case, to trade more than 10 segments of Rs 500 and Rs 1,000 notes, non-clients will need to outfit I.D. and living arrangement to the bank office in which he/she needs to trade the notes.
Is demonetizing Rs 500 & Rs 1000 a costly Idea? # modi rs 1000
In 2014-15, the cost of printing the incremental notes of Rs.500 and Rs.1,000 division was Rs.2,770 crore.
That year, the aggregate supply of Rs.500 notes available for use expanded by Rs.3.59 trillion, while that of Rs.1,000 notes expanded by Rs.3.076 trillion.
In the event that this extra cash must be printed utilizing Rs.100 notes, it would cost RBI about Rs.11,900 crore, which is more than a four-overlap increment. This is without thinking about the expanded expenses of working ATMs, and of taking care of cash all in all