The Indian Government led by Narendra Modi has discontinued the currency notes of Rs. 500 and Rs. 1000 with effect from midnight of 8th November, 2016. The announcement officially says that the currency notes of Rs. 500 and Rs. 1000 have zero commercial value and are just a piece of paper.
Highlights of the News:
- Citizens have 50 days to deposit the old notes in banks and get new notes in return.
- The last day to get old Rs. 500 and Rs. 1000 note exchanged from a bank or post office is 30th December, 2016.
- Citizens have to take their ID cards to the bank or post office to get the old notes exchanged with new currency.
- All banks will remain closed on 9th and 10th November.
- Not even a single ATM machines will work for these 2 days – 9th and 10th November.
- It is assumed that new currency will reach banks and ATM machines in these 2 days.
People who have white money and earn a livelihood with hard work, need not worry. But yes, those who have black money should take some tension. It will not be easy for you to escape from income taxes.
The step has been taken to check black money in India.
New Currency Note of Rs. 500
Now, onwards, your old Rs. 500 notes will not work. Here is a specimen of the new Rs. 500 currency note that will be circulated across India.
New Currency Note of Rs. 2000
This is the first time that a new note of Rs. 2000 is being introduced in Indian currency. Rs. 1000 note has been demolished and here’s an image of the new note of Rs. 2000.
If you use ATM machine after 11th November and select Rs. 500 or Rs. 2000 note for withdrawal, then these are the notes that will come out of the machine.