Prime Minister Narendra Modi announced in an address that all the current Rs. 500 and Rs. 1000 denomination notes would be withdrawn and will become invalid to use in the market from the midnight of 8th of November 2016. He also mentioned in his speech that these notes would become “a mere piece of paper”. However, all the notes and coins of lower denominations are valid. He also mentioned that new notes of Rs. 500 and Rs. 2000 will be introduced. It is a step to curb black money and fake money.
He has taken this step against black money, fake currency and corruption. Since the time Mr. Modi has become the Prime Minister he has been taking efforts to fight the battle against corruption and black money. Just few days back he had announced the voluntary disclosure scheme, about which he said that- this was the last chance he is giving to the people to come out clean. He also mentioned that this will help them in saving themselves from consequences they will have to face later.
He also mentioned that the people of the country will stand with him in his new order and will help him fight the battle against the fake currency and black money battle.
The ATMs will remain close for the next two days i.e. 9th and 10th of November. ATM withdrawals will have a restriction of Rs2000 per day till November 11, while the limit will increase after that.
The banks will remain closed tomorrow for public dealing. Old Rs. 500 and Rs. 1000 notes can be get exchanged at any bank or post office near you till 30 December 2016. A valid ID proof is required each time for these transactions. While exchanging the Rs. 500 and Rs. 1000 currency from the bank, currencies of lower denominations can also be obtained.
Maximum withdrawal limit from the banks is kept Rs. 20000 per week and Rs. 10000 per day. The limit will be increased after some days. All the modes of currency exchange would be working like earlier such as cheque DD, credit card and debit card payments, etc.
Where can I use the money for the next three days:
Hospitals: All the Government hospitals, can buy medicines also by showing the prescription.
All the major transport stations: Railway, airline, government bus ticket booking counters.
Fuel stations: Petrol, diesel and gas stations authorised by public sector oil companies.
Day to day needs: Consumer co-operative stores authorised by state or central government.
Necessity: Milk booths authorised by state governments.
Emergencies: Crematoria and burial grounds.