Rs 500 and Rs 1000 Currency Notes Abolished by PM Narendra Modi

Prime Minister of India, Mr. Narendra Modi, dropped a bomb saying from the midnight tonight – November 9, 2016, all the currency notes of Rs. 500 and Rs. 1000 denomination will stop to be a legal tender.

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Rs 500 and Rs 1000 Currency Notes

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PM Narendra Modi has taken a big step to put a full stop on the black money menace. PM Modi declared that Rs 500 and Rs 1000 currency notes will be banned from midnight. He stated while addressing the nation for 40 minutes first in Hindi and then in English, “The notes of Rs 500 and Rs 1000 will not be legal tender from midnight tonight and these will be just worthless piece of paper.”

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He also said that all the notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid like before. In his own words, “You have 50 days (from 10th-30th November) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post Office.

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Not only this, you can also exchange your currency notes with the designated Bank and Post Office by producing a valid government ID like Aadhar Card, Pan Card or Election Card within a time period of 10th November to 24th November which restricts you to a per day limit of Rs 4000.

According to the Prime Minister, “Those unable to deposit Rs 1000 and Rs 500 notes till 30th December this year can do so in designated RBI offices till 31st March next year after filing a declaration form along with proof and reasons.”

All the banks will be closed on Wednesday, 9th November and the ATM will be closed for two days, i.e.; tomorrow (9th November) and day after (10th November). During the speech, he also announced that the government is releasing new currency notes of Rs 500 and Rs 2000 which will be circulated soon. Although, the restriction regulating from 11th November are Rs 2000 cap for ATM transactions, Rs 10,000 cap for a day and Rs 20,000 cap for a week in the case of bank withdrawal.

Rs 500 and Rs 1000 currency notes can be used for government bus tickets, railway tickets, air tickets and government hospitals till 11th November midnight. All the non-cash transactions made by cheques, demand drafts, debit or credit cards, or electronic fund transfer will continue like before and is not affected at all. The retail petrol pumps will be accepting Rs 500 and Rs 1000 currency notes till 11th November and afterwards they must keep a register of these notes.

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PM Narendra Modi has promised that the Bank and Post Office staffs will work towards this and regulate the new orders in the specified time. He also made sure that the social organisations, media, political parties and workers will work further towards the same goal to make this move a success.

Some bold statements made by PM Narendra Modi today were:

“There is a need for a decisive war against the menace of corruption, black money and terrorism. Corruption, black money and terrorism are festering wounds which make the country hollow from within.”

“Despite several steps taken over the last two and a half years, India’s global ranking on corruption has moved only to 76th position from 100th earlier. This shows the extent of the web of corruption in the country. The disease of corruption is the domain of some veted people who are flourishing. Some people have misused their positions and benefitted. On the other hand, honest people are suffering. We have to get rid of this termite of corruption.”

Overall, it’s a check and mate step by our Honourable Prime Minister and this 9/11 will be remembered again forever.

Rightly quoted by PM Narendra Modi himself, “It’s a very rare occasion where in a common man is given a chance to be a part of a historic change.” When the change is historic its quite evident that each one of us must digest some hiccups. Instead of mulling over the inconvenience caused, let’s join our hand in providing an undivided support to our government in curbing black money. Watch PM Narendra Modi’s Full Speech in the video below:

Jai Hind! #IndiaFightsCorruption

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