Prime Minister Narendra Modi had announced that the 500 and 1000 Currencies will be discontinued from late Wednesday midnight to counter Black money , Hawala, Corruption and Fake currencies.
Social medias were flooded with the applause for Prime Minister Narendra Modi from the common peoples and the celebrities as well.
Ace actor Superstar Rajinikanth had tweeted that “Hats off Narendra Modi Ji. New India is born #JaiHind”. The tweet that made by Rajinikanth has gone viral on social medias that support Narendra Modi’s brilliant move to tackle Black Money in the Indian economy.
Bollywood’s youth icon Arjun Kapoor tweeted that ” Reducing black money is much needed but eventually we need better infrastructure & way more inroads in other aspects not only money matters , Hoping we can all work in harmony to see out this change & it pays dividends to each & every citizen in the future. No more #BlackMoney !!!”.
Do not panic, Deposit old notes of Rs.500 or Rs.1000 in bank or post office accounts from 10th November till 30th December 2016 without any limit.There will be a limit on withdrawal of Rs.10,000 per day and Rs.20.000 per week.This limit will be increased in the coming days.
Exchange old notes of Rs.500 or Rs.1000 at any bank,Head post office or sub-post office while showing ID proof.The limit for this is Rs.4000 up to 24th November.
No restriction of any kind on non-cash payments by cheques, demand drafts,debit or credit cards, and electronic fund transfers.
And today and tomorrow the ATM’s will not work.In first few days there will be a limit of Rs.2000 per day per card.This will be raised to Rs.4000 later.After 30 the notes can be deposited at Reserve bank with a declaration.