India was at its cold feet after the surgical strike of Narendra Modi to fight against the corruption. Millions of people have rushed to ATMs and banks to withdraw cash after the announcement has made. In the heat of emergency scenario, many came up with funny memes on Facebook and twitter. “Black money” has become the predominant topic for all the news debate shows. The reason behind this baffling situation is due to the ban on the highest denomination currency notes of Rs.1000 and Rs.500. And the highlight is that the deadline is not even close to four hours after the announcement was made.
This scheme was announced to fight against the corruption and counterfeit currency. “Corruption and black money are diseases rooted in this country..” he said, adding that “Across the border, our enemy uses fake currency..” And then he announced “From now on, Rs. 500 and Rs. 1000 notes will not be used.” Followed by this, he has announced that the ATMs will remain shut for the next two days and the banks will remain shut on November 9. This announcement is nothing but smoke and mirrors. But there’s no restriction on any non-cash payment like net banking, cheques, demand draft, debit and credit transactions.
“Currency notes of Rs 1,000 and Rs 500 will be just paper with no value.” - Narendra Modi, PM
What Should I do with my 500 and 1000 currency notes?
If you are fed up with this news and wondering what to do with your 500 and 1000 rupees of notes, you can deposit your money at the nearest banks or post offices from November 10 till December 30. But withdrawals are restricted at Rs.10,000 per day and for a week it is Rs.20,00.
Further, you can ask for lower denomination currencies in exchange for your 500 and 1000 rupees notes of currencies at the banks and post offices by furnishing any of your government ID proofs like Aadhaar Card, PAN Card, Passport, Driving license, etc till November 24.
Till November 11, the government has ordered some important institutions and authorized places to accept the 500 and 1000 rupees of notes for cash payment. They’re:
- Hospitals
- Petrol/Diesel/ CNG stations
- Railway/Bus/Airline Ticket Booking Counters
- Milk Booths
- Co-operative Stores
- Crematoriums
Hope, this works at least for god sake!
Can I Withdraw From ATM?
Yes. of course, you can! But wait, don’t hold your breath! It may take some time for banks to revamp their ATMs. From November 11, you can withdraw upto Rs.2,000 per day from ATM and by that time, ATM will not stop delivering the existing 500 and 1000 rupees of notes. And from November 19 onwards, you can withdraw upto a maximum of Rs.4,000 per day.
When will the new notes be issued?
To our surprise, the RBI has launched the new currency notes of Rs.500 and Rs.2000 on the same day and will be issued from November 10 onwards.
India has taken many steps to eradicate black money hoarding, but this method of demonetizing the 500 and 1000 rupees of notes will have a huge impact on the economy and can destroy the illegal black money market and counterfeit money. Moreover, don’t panic! You have 50 days time to deposit and exchange your old money.
Let’s start searching for the 100s, 50s and 10s from every nook and corner of the house as the banks will be opened from November 10.
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