Indian currency revamped
Many times most of us have dealt with the situation of fake currency notes and especially being an ordinary person it is quite difficult to differentiate between a fake and original note. The fake notes are used for anti-national and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash-based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced by PM Modi. On 8th November 2016, PM Narendra Modi addressed the nation and announced that INR 500 and INR 1000 currency notes will become illegal from midnight- 9th November 2016. The finance ministry said that new banknotes of Rs. 500 and Rs. 2,000 would be introduced from 10th November 2016.
Must know facts of Indian currency banning:
- Old Rs. 500 and Rs. 1000 notes are banned from 9th November 2016.
- Citizens have 50 days from 10th November 2016 to return notes at banks.
- Banks and ATMs are close to public on 9th and 10th November 2016.
- Respite for people for the initial 72 hours, government hospitals will accept old Rs. 500 and 1000 notes till 11th November 2016 midnight.
- Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11.
- Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till 11th November 2016.
- No change in any other mode of currency exchange is it cheque, DD, payment via credit or debit cards etc.
- Those unable to deposit Rs. 1000 and Rs. 500 notes by December 30 for some reason, can change them till 31st March 2017 by furnishing ID proof.
- NHAI instructed all toll plazas to accept old Rs. 500 and Rs. 1,000 notes till 11th November 2016 midnight.
- Cash withdrawal restrictions will be eased once the supply of new, hard-to-fake Rs 500 and Rs 2,000 currency notes improves.
- Old high-denomination bank notes of Rs. 500 and Rs. 1,000 will be accepted at Metro for 72 hrs.
- Sensex crashes 1,340 points, Nifty plunges 476 points in pre-open session on black money crackdown on 9th November 2016.
- One day limit on ATM withdrawals reduced to Rs. 2,000 only.
- Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days.
- For your immediate needs, you can go to any bank, head post office or sub-post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes.
- From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November to 30th December, the limit will be increased.
- For 72 hours, five hundred and thousand rupee notes will be accepted also at Railway, airline, bus ticket booking counters, petrol, diesel and CNG gas stations authorized by public sector oil companies, consumer co-operative stores authorized by State or Central Government, milk booths authorized by State governments
- Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender.
- Notes of Rs. 2000 and Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value.