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RS 500 and 1000 Notes are Banned – India fights against Fake currency and Black money

India fights against Fake currency and Black money!

On Tuesday Midnight, Prime Minister Narendra Modi has declared the demonetization of Rs. 500 and Rs. 1000 notes. The whole Nation is moved with this sudden news and stands to act in the direction provided by the Indian Government, as India is majorly dependent on the cash values of Rs. 500 and Rs. 1000 notes. The move is to stop the circulation of the counterfeit notes, which are one of the reasons of the terror activities from the crossing border, and also to flush out the entire Nation’s black money.  The Indian government has announced the major decision to scrap down the Rs. 500 and Rs. 1000 notes at Tuesday midnight.  And from the same midnight, these currencies will only carry the value of paper on which they are printed. A great move indeed!

What is this scheme?

The whole scheme is explained here, the legal tender character of the currency in the denominations of Rs 500 and Rs1000 stands to be withdrawn. In the consequence there needs to withdraw the old high denomination (OHD) notes will not be used for the business transactions or for the store value for the future usage. It is to be noted that the OHD notes can be exchanged for the valid currency at 19 offices of the Reserve Bank of India (RBI) or at any bank branches or at the Head Post Office or the Sub-Post Offices.

notes

Latest proposal of new Rs. 500 and Rs. 2000 Notes

the proposal for the new 500 and 2,000 rupee notes is already been sanctioned by the Reserve Bank of India. So, it is to be said that the old 500 and 1000 notes will soon be replaced by the new notes of 500 and 2000. The old Rs. 500 notes and Rs. 1000 notes will no longer be in use. However, there will be no changes in the form of other monetary exchanges including DD, cheque, payment through credit or debit cards.

What to do with your existing 500 and 1000 rupee notes

We know that you all must be worried about the currency that you already have with you. It is advisable for all of you to not panic and stay comfortable, as you do have an option. The scheme tells you to deposit all the old currency at your nearest bank or the post office from November 10 to December 30, 2016. You can easily Exchange the bank notes from any bank or post office till the last date which is 24 November. The maximum amount limit for the exchange is Rs.4000. it is to be kept in mind that you need to take your Aadhaar card and PAN Card to the bank or post-office before you exchange your notes. And if you are unable to do so until December 30, 2016, then you can deposit all the notes at the Reserve Bank with a declaration form.

How much Exchange value will you get?

There is no doubt that you will get the entire volume of your deposited notes tendered at the nearest bank branches or at RBI offices. You can also use your balances in the bank accounts to pay off your other bills by cheque or with the help of your electronic means of payments like Internet banking, IMPS, mobile wallets, and credit/debit cards.

These notes are accepted until 11 November 2016

It is a huge question for all, that until November 11, 2016, we are here to inform you that Rs. 500 and Rs. 1000 notes will be accepted at:

  • All the tourists can easily change these notes at all airports.
  • Authentic Petrol Pumps and also at government hospitals.
  • Railway, government bus ticket booking counters and at the airline.
  • At consumer co-operative stores that are run by the state or central government.
  • All the Milk booths that are authorized by the state
  • At all the Crematoriums and burial grounds.

There is huge bustle in the nation after hearing the news, but the population needs to be patient, as the scheme is designed critically for the development of the Nation as a whole. Stay updated with us for future news about this great Narendra Modi move.

 

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