As 500 and 1000 notes are banned in India, Surgical strike on black money as people are calling it and labeling Modi Ji-man of Surgical Strikes! Mr.Prime Minister broke a big news regarding a huge step over black money in India. Let’s remain chilled over what can be done to support this huge change to finish black money in the nation. As 500 and 1000 notes banned in India, you need to check the facts mentioned below.
500 and 1000 notes banned in India
1. Currency 500 and 1000 notes banned in India, beginning November 9.
2. New notes of Rs 500 and Rs 2,000 will be released and circulated soon.
3. ATMs will not be working on November 9 and 10.
4. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017, by furnishing ID proof.
As per govt. norms, who will take 500- 1000 notes tonight and for next 1-2 days: 500 and 1000 notes banned in India
Petrol pumps, Gas Stations, Railways, Airports, Government Hospitals
New currency features
The new series of notes will have a unique feature of NGC (Nano GPS Chip) which will be track-able through a satellite without any power source, giving precise location coordinates and the serial number of the currency back to the satellite.
The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will carry a picture of Delhi’s Red Fort. The 2000 rupee note that is being introduced carries an image of the Mangalyaan to celebrate India’s Mars mission, he said. Control rooms are being set up at the Reserve Bank and the Department of Economic Affairs in the finance ministry to help in the transition.
What Mode Said in his speech on 500 and 1000 notes banned in India
Below are the highlights from his speech. It includes some significant and important decisions taken to curb the black money.
1. He said that government came in 2014 when the world was taking India as a shaky economy. But, now India is an economic star as stated by the IMF and World Bank.
2. Sab ki sarkar, sab ka Vikas – governance and progress for all are our motto. We are focusing on empowering the poor. We have made a special government for farmers.
3. Corruption and black money are the root cause of the diseased nation. They are the major obstacles to the growth of our country.
4. We are one of the fastest growing economies, but also among the highly corrupted countries globally.
5. Innocents become the target of terrorists. Our enemies across borders are funding them from fake currency and dodgy funds. This has been proved many times.
6. We have made certain measures to put a check on black money, and they are paying off now. A voluntary disclosure scheme for undeclared money saw a good response. Who send money abroad is being checked closely by a special investigating team.
7. Close to 1.25 lakh crores of black money has been found.
8. Some new substantial steps are needed to fight black money. Currently issued Rs 500 and Rs 1000 notes are being discontinued from the midnight of 8th and 9th November 2016. People have 50 days to deposit them into banks and post offices.
9. ATMs may not work on November 9 and 10 at some places.
10. For the first 72 hours, government hospitals will accept the old 500 rs and Rupees 1000 till 11th November midnight.
11. Petrol pumps and retail outlets will keep the entry of every single cash transaction involving 500 and 1000 rupees notes until Nov. 11.
12. Also, Crematoriums and cemeteries will accept 500 and 1000 rupees notes until November 11.
13. There will no change in any way for the currency transaction be if cheque, demand draft (DD), payment via credit or debit cards, etc.
500 and 1000 notes banned in India
14. If anybody wasn’t able to deposit Rs 1000 and Rs 500 old notes by December 30 due to any reason, then they will be provided with the last change. They will be able to change them till March 31, 2017, but they will have to give ID proof and declaration format selected offices of Reserve Bank of India (RBI).
15. New notes of Rupees 2000 and Rs. 500 will be made available soon. RBI has decided to limit the notes with higher value.