Five hundred and One Thousand rupee notes ban in India.
PM Today's announcements will give greater strength to fight corruption, black money, terror & Counterfeit currency.
Rs.500 and Rs.1000 currency will no longer be a legal tender from today Midnight.Rs.500 & Rs.1000 Notes are Just papers from this midnight. India Banned these notes for relief from the Black money. Instead of these notes ,2000 rupee notes will be issued by the RBI. Government's decision will help in eliminating Corruption.
Prime Minister Sri.Narendra Modi has been announced that "The Process of Cash circulated is directly related to Corruption in our Country impacting the lower classes of our society". He said, "Corruption and Black Money is Something we have to fought for immediately after Assuming office. This is our Time to realize that you have brought some changes in society.
So All those people Who have the Rs.500 & Rs.1000 Rupee notes , Exchange the notes as early as possible. Spread the News to your neighbours. Old notes can be deposited in banks from November 10 -11-2016to December 30-12-2016.Banks Closed Dt:09-11-2016 & Dt:10-11-2016ATMS Closed on Dt:09-11-2016.
- Deposite Old Notes of Rs.500 and Rs.1,000 in bank or post office accounts from November 10 to till December 30,2016.There will be a limit on with drawal of Rs.10,000 per day and 20,000 per week.tis limit will be increased in the coming days.
- No restrictions of any kind on non-cash payment by cheques, demand drafts, debit or credit cards and electronic funds transfer.
- The people who are unable to deposit Rs 1000 and Rs 500 notes till December 30 -12-2016 ,can do so in designated RBI offices till 31 -3-2017 after filling a declaration form along with proof and reasons.
- Rs.500 and Rs.100 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the mid night of November 11 and 12.