PM Modi Declared Rs 500 and 1000 Notes invalid from midnight: Yes, you got that right, from today midnight, the old Rs 500 and 1000 Currency Notes won’t be valid for any kind of usage as declared by the honourable PM Modi. People have been given 50 days i.e. from 10th November to 30th December to deposit their old Rs 500 and 1000 notes in any of the nearest bank or post office.
The change has only been made for the currency notes while the other modes of currency exchange like payment via credit or debit cards, DD and cheque. PM Modi also declared that ATMs won’t be working on 9th and in some places, on 10th November. The banks will also be closed for the public use on November 9 for the official work of the banks.
PM Modi also declared that the banks will soon circulate Rs 2000 and Rs 500 and the Reserve Bank of India will also limit the higher value notes. This is a bold step by PM to fight against black money, corruption and fake currency notes. And for this, he has urged the Indian people to join hands and fight against all the evils of the Indian system.
PM Modi addressing the Nation
The Prime Minister of India had a meeting with the Union Cabinet and clearly said that the government is dedicated to the poor and will continue to do its work. He even said that a lot of honest people have always stood against the corruption and many are spreading the roots of corruption for their own benefits.
He also told that around Rs 1.25 lakh crore of black money was brought back to India. His government had been fighting against the corruption and black money from the day he joined assumed the office.
What you need to know about the Abolishment of the Rs 500 and 1000 Notes
These are the important things you should know about the recent Abolishment of the Rs 500 and 1000 Notes:
- Rs 500 and 1000 Notes won’t be valid from midnight and would be illegal for use after the midnight.
- Government hospitals can accept the old Rs 500 and 1000 notes until 11 November midnight for the benefit of the patients.
- ATMs won’t work on 9th and 10th November (in some places).
- People can deposit their old Rs 500 and 1000 notes from 10th November to 30th December in any Bank or Post office.
- A maximum of Rs.10,000 amount can be deposited in a day by the people.
- Other forms of currency exchange like DD, cheque, payment via credit or debit cards etc. would remain same.
- Rs 2000 and Rs 500 would be soon circulated to the public that will also be limited by RBI.
- Banks will be closed for any public use on 9th November.