RBI has Announced New 500 and 2000 rupee notes to be available in ATM from November 11

Dusk till Dawn

The dawn to form a new corruption-free economy might have just started, after the ban on 500 and 1000 rupee notes which gave a flying start to Indian monetary system. The latest news is that RBI has announced new 500 and 2000 rupee notes. The new notes will be available in the ATM’s across the country. With this bold step, the Indian government is keeping their fingers crossed on curbing the black money. This automatically will mow down the corruption from the country.

RBI has Announced New 500 and 2000 rupee notes – Is corruption really ending?

The question here arises that; how this new step is going to bring glory days for Indian economy? No doubt, Prime Minister Narendra Modi took a strong stance on black money while RBI has announced new 500 and 2000 rupee notes. Will this stop the inflow-outflow of black money? the big question arises here.

Brand New Notes to hit the market

The government said that these new notes will be circulated in the markets through Banks and Post Office. Another step which was taken by RBI was to limit the notes with higher value. Moreover, from 9^th to 10^th November, ATM’s will not be working everywhere in the country.

Sigh of relief for younger brothers of 500 and 1000 rupee notes

Apart from that, PM office also told that there would be no effect on 100, 50, 10 rupee notes and coins. After the ban, the government announced that transactions in hospitals will go on normally and all the notes are valid for reservations in Railways, Bus Transport and Airways. The step was taken to minimise inconvenience to the common man.

ATM transaction has been kept to rupees 2000 per day and withdrawals from banks will amount to 10000 and 20000 a week.

It was a sigh of relief when RBI announced new 500 and 2000 rupee notes and even Narendra Modi expressed his confidence in all the political parties, NGOs and media that they will support the government.

What is more? The worst hit sectors due to the ban are real estate and bullion as most of the transactions are done in form of cash.