PM Narendra Modi played a masterstroke against counterfeit and black money last evening when he announced the ban on Rs. 500 and Rs 1000 notes. While we wait with bated breath to see the ripples it causes in the daily life of the nation, for the next few days, here are the basics of what this change spells:
1. 500 rupee and 1000 rupee notes rendered useless from 12:00 a.m. today. banned from Midnight.
2. 9th November, banks wouldn’t be available for public banking services.
3. ATM’s not working anywhere in the nation today and in some places may remain out of service tomorrow as well.
4. Withdrawal limit at ATMs will be Rs. 2000 per day only, till 11th Nov, 2016. ATM withdrawal will be limited post 11th Nov to 10000 per day.
5. We have the option of depositing all our existing 500 and 1000 rupee notes in our bank accounts till 30th December 2016. Or may exchange small amounts at any bank or post office (carry government issued photo identification).
6. Emergency places like hospitals and chemists, conveniences like train ticket booking and airline ticket booking, and petrol pumps may accept the old notes up to 11th November.
7. No changes in online, card, cheque or any other plastic money transactions.
8. New notes of 500 rupees and 2000 rupees will be in circulation from November 10th.
Coming days will be quite happening for all of us and we will witness quite a lot of hustle throughout the nation, hope this bold measure rid our country of black money.
