Odisha News Insight

PM Modi bans Rs 500 and Rs 1000 Notes to fight Corruption

modiIn a major step to curb black money menace and corruption, the Prime Minister Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 notes.

While address to the nation, PM Modi announced that, with effect from midnight today, all 500 rupee and 1000 rupee notes will cease to be legal tender.

People can deposit all old Rs 500, Rs 1,000 notes at banks and post offices before December 31, 2016, said the Prime Minister.

The Prime Minister said this bold and historic step will benefits the poor, the middle class and the neo-middle class.

Highlights

  • Government will bring new Rs 500 and Rs 2,000 notes later. Rs 1,000 notes to be discontinued.
  • Those who can’t do so within the deadline can do later by giving a declaration to the RBI by March 31, 2017.
  • Old notes can be exchanged at Post Offices and Banks by producing ID cards.
  • All Banks to remain closed tomorrow for public use. All ATMs to be closed on November 9-10.
  • For the next 72 hours, Hospitals, Petrol Pumps, Railways, Airlines and Bus Ticket Bookings will accept Rs 500, Rs 1,000 notes.
  • From November 11, Rs 2000 Daily Limit set on ATM Withdrawals, Per Day, Per Card. To be increased to Rs 4,000 later.