Indian PM has banned Rs.500 and Rs.1000 currency notes from November 8 midnight
New Dehli: Prime Minister of India, Narinder Modi has announced that the people have only 50 days to exchange their currency notes of Rs. 500 and Rs. 1000, the order is effective from the midnight of 8th November, 2016. After that the said currency notes will be considered as Illegal.
— Narendra Modi (@narendramodi) November 8, 2016
All other currency notes such as Rs. 100, Rs. 50, Rs. 20, Rs. 10, Rs. 5, Rs. 2 and Rs. 1 will remain as such in circulation and people can use them. These currency notes/coins are legal to purchase the products.
Reserve Bank of India has designed a new currency note of Rs. 2000 and Rs. 500 that have already been printed and will be in circulation shortly, may be in February, 2017.
— नमो हिंदू राष्ट्रम (@BJPAbhi1) November 6, 2016
The move is believed to have been taken to curtail black money as well as combat the menace of forged currency notes.
500 and 1000 NOTES CEASE TO BE LEGAL TENDER
People friendly measures to inconvenience
- For 72 hours. Government hospitals will continue to accept old Rs 500 & Rs 1000 notes for payment.
- For 72 hours. railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets.
- For 72 hours, old Rs 500 & Rs 1000 notes will be accepted at Petrol, diesel and gas stations authorised by public sector oil companies Consumer co-operative stores authorised by State or Central Government
- Milk booths authorised by State governments
- Crematoria and burial grounds.
The decision has warmly welcomed by the nation and it can be seen from different tweets below.
This is a policy I have long supported. First step toward cashless and good start on reducing corruption. https://t.co/KFBLIJSrLr
— Richard H Thaler (@R_Thaler) November 8, 2016
I hope every citizen will stand up and participate in this ‘Imandaari ka Utsav’ and ‘Pramanikta ka Parv’ pic.twitter.com/ziSvbUrPSN
— M Venkaiah Naidu (@MVenkaiahNaidu) November 8, 2016