Modi''s attack on black money: A bold step overnight..!!!

De-monetisation of Rs. 500 and Rs. 1000 notes

Taking the nation by surprise, Modi last night announced demonetisation of Rs 1000 and Rs 500 notes, making these notes invalid in a major assault on black money, fake currency and corruption.

He said the decision was taken to root out the menace of black money and corruption.Notes of Rs. 100, Rs. 50, Rs. 20, 10, Rs. 5, Rs. 2 and Re. 1 remain legal tender and will be unaffected by the decision, the Prime Minister said, adding that all banks and ATMs will be closed on Wednesday and ATMs in some places on Thursday as well.

The old currency notes of Rs.500 and Rs. 1000 are mere a piece of paper now but from tomorrow citizens can visit various bank and post office branches and exchange old currency notes for the new ones by giving a valid ID Proof of Adhaar Card and Pan Card or Voter ID ,Passport or Ration Card. As announced, it is expected that ATMs will resume functioning for the common man from 11th of November.

Mr. Modi announced that the existing Rs. 500 or Rs. 1,000 notes can be deposited in an individual’s bank or post office accounts between November 10 and December 30. Currency value of up to Rs. 4,000 can be exchanged from any bank or post office a day till November 24 by showing a government identity card.

However, for 72 hours, government hospitals, railway, air and government bus ticket booking counters will continue to accept the old notes. Old notes will also be accepted till November 11 at petrol, diesel and gas stations authorized by public sector oil companies, consumer co-operative stores authorized by State or Central government, milk booths authorized by States as well as crematoriums.

The idea is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency. People will be able to exchange their money at banks between 10 November and 30 December.  The limit for exchanging old currency notes for new ones is Rs.4000 upto 24th November.There will be a limit on withdrawal of Rs. 10,000 per day and Rs. 20,000 per week, as expected this limit will increase in the coming days

Good days are coming....!!!!