At the stroke of midnight of 9/11 of the year 2016, a lot of India was occupied with tallying the quantity of 500Rs and 1000Rs notes they had. After the stunning late-night declaration by PM Narendra Modi that these two note groups will be demonitised inside only a couple of hours so as to check black money, online networking locales were humming with responses that extended from disarray and shock to celebratory weeps for having made a firm stride against debasement.
However, the most oft-made inquiry was and even keeps on being: What do with your 500Rs and 1000Rs notes now?
In his broadcast deliver to the country, Modi said individuals are holding notes of 500Rs and 1000Rs can store the same in their bank and Post Office accounts from November 10 till December 30. But, what was the quick arrangement or compensation? Consistent with its notoriety of showing a remarkable comical inclination on each major – and minor – occasion, pics, gifs and many funny memes are being circulated on Twitter, Facebook and WhatsApp.
What to do with 500Rs and 1000Rs notes?
Since notes of these two sections have gotten to be invalid, they can be traded at in any bank or post office station by indicating ID verification. For the underlying 72 hours, government healing centers and petrol pumps, CNG service stations will acknowledge the old 500Rs and 1000Rs notes till November 11th midnight.
What is the time allotment to trade these notes?
We have 50 days, from November 10 to December 30 to store notes of 500Rs and 1000Rs in any bank or mail station. Other than saving cash in financial balances, the 500Rs and 1000Rs notes can likewise be traded with lower section money notes at assigned banks and post workplaces on generation of legitimate government identity cards like PAN, Aadhaar Card and Election Card from November 10th to November 24th with an every day point of confinement of Rs 4000.
Are there any limitations on different exchanges?
There are no confinements on card installment, check, request draft, electronic assets exchange. In any case, there is an utmost on day by day and week after week withdrawals. ATM withdrawals will be confined to Rs 2000 every day and withdrawals from financial balances will be restricted to Rs 10,000 a day and Rs 20,000 a week.
Will the govt issue new notes?
PM Modi said that new notes of Rs 2000 and Rs 500 will be flowed soon.
Asking people to help the legislature in its battle against dark cash and fake money notes, PM Modi said the procedure of money course is straightforwardly identified with defilement in the nation affecting the lower classes of society.
This sure is a huge move taken by Narendra Modi considering that there is a huge amount of Black Money being stacked up in many parts of our country. Even though, the Nation’s wealth seems to be at loss as of now, it is going to be benefit us in long run. So, take all the 500Rs and 1000Rs Notes that you have with you to the nearest Bank or the Post Office and get them changed into 100Rs Notes right now.
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