In sudden address to the nation, Honorable Prime Minister has Announced that has starting from midnight, existing Rs 500 and Rs1000 currency notes can no longer be used. This has come as surprise to everybody the citizens,the nation and even within the most of the government."Your money will remain yours" You need have no worry on this account, PM Modi said, Stressing that new notes will be limited supply at first and will then be increased.
The banned currency notes as shown below:
The new notes will be release on Thursday that means 10-11-2016 as shown below
New Rs500,Rs2000 notes cleared by Reserve Bank Of India,will be introduced on Thursday. The Old Rs 500,1000 currency notes must be deposited "starting Thursday through December 30" at the post offices and Banks.
How long have people got to change their old notes?
The 500 and 1,000 rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November.
People will be able to exchange their money at banks between 10 November and 30 December.
Demonstration of Rs 500 and Rs 1000 notes Explained:
PM Modi said, describing the move as essential to fight" the disease of black money and unaccounted money". In his speech, Modi specially pointed out that these large-value notes high-value bills are used to finance corruption and fund terrorism.
In India, the Rs500,1000 notes also constitute a huge percentage of the money spent by governments,political parties,and candidates during general elections.
For now, notes currently in use can be traded for upto Rs. 4,000 till November 24 and for larger amounts thereafter. Against notes that are deposited, withdrawals of upto Rs. 10,000 a day or 20,000 a week will be permitted for now.
Why? Firstly ATMs will be closed on November 9 (pan-India) and November 10 (in some places). This is being done in order to remove all existing Rs 500 and Rs 1000 notes from the ATMs and replace them with lower-value bills.
The numbers and calculations for this are mind-boggling. According to the RBI press conference today, there are 16.5 billion ‘500-rupee’ notes and 6.7 billion ‘1000-rupee’ notes in circulation right now.
One analysis has pointed out that the total cost of printing the value of Rs. 500 and Rs. 1000 notes issued in 2014-15 in the form of Rs. 100 notes would be around Rs. 11,900 crore. This doesn’t include the costs involved in increased replenishment and maintenance of ATMs, which would be required because of the usage of and withdrawal of smaller-value notes will be far greater.
The banned currency notes as shown below:
The new notes will be release on Thursday that means 10-11-2016 as shown below
New Rs500,Rs2000 notes cleared by Reserve Bank Of India,will be introduced on Thursday. The Old Rs 500,1000 currency notes must be deposited "starting Thursday through December 30" at the post offices and Banks.
How long have people got to change their old notes?
The 500 and 1,000 rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November.
People will be able to exchange their money at banks between 10 November and 30 December.
Demonstration of Rs 500 and Rs 1000 notes Explained:
PM Modi said, describing the move as essential to fight" the disease of black money and unaccounted money". In his speech, Modi specially pointed out that these large-value notes high-value bills are used to finance corruption and fund terrorism.
In India, the Rs500,1000 notes also constitute a huge percentage of the money spent by governments,political parties,and candidates during general elections.
For now, notes currently in use can be traded for upto Rs. 4,000 till November 24 and for larger amounts thereafter. Against notes that are deposited, withdrawals of upto Rs. 10,000 a day or 20,000 a week will be permitted for now.
Why? Firstly ATMs will be closed on November 9 (pan-India) and November 10 (in some places). This is being done in order to remove all existing Rs 500 and Rs 1000 notes from the ATMs and replace them with lower-value bills.
The numbers and calculations for this are mind-boggling. According to the RBI press conference today, there are 16.5 billion ‘500-rupee’ notes and 6.7 billion ‘1000-rupee’ notes in circulation right now.
One analysis has pointed out that the total cost of printing the value of Rs. 500 and Rs. 1000 notes issued in 2014-15 in the form of Rs. 100 notes would be around Rs. 11,900 crore. This doesn’t include the costs involved in increased replenishment and maintenance of ATMs, which would be required because of the usage of and withdrawal of smaller-value notes will be far greater.
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