In a move to curb corruption, fake currency, terrorism & black money the Govt. of India has decided to ban the Rs 1000 & 500 notes with immediate effect i.e. today mid-night.
PM Modi in his speech to the Nation said,
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value. From tonight 12 pm, Rs 1000 and Rs 500 will not be legal tender.”
The decision to mint new currency notes of Rs 500 & 2000 are also in tune to fight against terrorism & fake currency circulation in the country.
##Why you need not to worry?
Notes could be exchanged in banks & Post Offices from 10th Nov. to 30th Dec.(50 days time period). 50 days is huge! Initially, there may be long-queue in banks or POs for deposition but it would remain same for 50 days is very less likely.
Since the Govt. has taken the decision so it will facilitate smooth functioning of exchange of notes (the deadlines would have been decided after much deliberations & also holistically).
Also, even if you fail to deposit Rs 1000 & Rs 500 notes by Dec. 30 then you can do so by furnishing ID Proof till 31st March, 2017.
P.S. 1 . another thing to be noted is that you can deposit Rs 1000 & 500 notes in any bank or PO.
P. S. 2. Cashless fund transfers would remain unaffected.
P.S. 3. Medical payments & other critical services will not be halted due to the move. Hospitals, Railways, Airports, etc. will continue to accept the Rs 1000 & Rs 500 denomination notes for 72 hours.
P.S. 4. The cash withdrawal from ATM limited to Rs 2000 is for some days.
With Great Love,
Er. Amit Yadav