Great initiation by Government: PM Modi Announces Ban on Rs 500 & Rs 1000 note
On 8th November, 2016, our honorable PM Mr.Narendra Modi announced that currency notes of Rs 500 and Rs 1000 denomination will not be legal anymore. This law comes to an effect by 8th Nov midnight with the motive of pulling out black money. The whole nation was surprised when Prime Minister addressed the citizens last evening and announced the new initiative aimed at controlling the negative effect of fake currency, black money, corruption and terrorism on the nation’s economy.
Note: For the convenience of the citizens, he also declared that Rs 500 and Rs 1000 notes can be deposited post offices and banks without any charge till December 30.
In order to implement this law successfully, banks would be closed for public business on November 9, So that they will get time to tackle the rush of people who might come to deposit or exchange their notes. Moreover, cashless fund transfer either via cheque, draft or electronic transfer will remain unaffected.
In his speech addressing the whole nation last evening, he added: “Your money is yours; you will not lose your money”. He appealed the citizens to do little sacrifice for the benefit of the nation. He also stated that the existing notes of Rs 500 and Rs 1000 will be accepted in rail counters, air ticket counters, Hospitals, government buses, fuel stations, chemist shops.
Time will tell whether this step taken by PM Modi helps the government to demolish black money circulation across the country.
1. What is Special in 2000/- Rupee Note?
Well, The Notes will be circulated soon; the main thing should be noted here in 2000 rs. The note is that it comes with NGC chips. It means that GPS chips will be embedded in these notes.
2. What is GPS chip? And what is the advantage of GPS chips in currency notes?
Well, the government can simply track the currency notes by satellites. Satellites can track the exact location of these notes even 120 meters below from the ground.
Note: If the Nano chips damaged from the note; the note become unusable. So don’t try to tamper the chips.
Here’s the new sneak peek of new Rs.2000/-
The note is bright pink in color. Does not have Gandhiji? Yes You can see the Gandhiji on the new Note.
New 500 Rs. Note:
Warning: You will face queues in the banks. Long queues are a big alarm for the banks and for the customers too.
Places Where the notes of 500Rs. And 1000Rs. Are still acceptable till Friday night?
- Pharmacy in Government Hospitals but under the doctor’s prescription
- Government buses (DTC)
- Government Milk Booths
- Government Consumer Stores
- Airplane Ticket Counters
- Railways Ticket Counters
- Petrol, Diesel & Gas Pumps
- International Airports but the limit is Rs.5000
Because the old notes were used for illegal, anti-national activities and were also misused by a terrorist. To stop these activities Indian government have decided to stop the old 500-1000rs. Notes.
You can deposit your old notes to the bank but you will get 4000Rs. Each day of new notes with a limit of 20000 Rs. per week.
In case If you don’t have a bank account.
- Take the documents which are necessary for filling the KYC requirements.
Where can you exchange the old notes?
- Issues offices of RBI
- Head post office
- Sub-post office
ATM will be closed on November 9.
You can use NEFT mobile banking and other electronic modes of payments.
After 2000Rs. Note what will be the value of 1000Rs. & 500Rs. Notes?
- Tweet Corner
Here the latest tweets about new Notes:
Memes of old 500-1000 Rs. notes
This is all about new notes and old notes. Thanks for reading this article.