Modi declared that the currency notes of the said denominations shall not be used anymore.Here are the finer details:
- Those having the currency notes of old Rs.500 and Rs.1000 denominations can exchange or deposit the notes for lower denominations at post offices and banks.
- Exchanges are valid till December 31 but upto Rs.4000.
- A time frame from November 10 to December 30 has been set to deposit the money in the financial institutions.
- Banks will remain closed for the public on November 9.
- All ATMs will remain closed on November 9 and 10.
- To avoid panic and rush, the PM announced that government hospitals, petrol stations, crematoriums, milk booths, and railway/airline/bus counters will accept the notes of the said denominations till midnight November 11.
- And those unable to exchange or deposit the currencies by the deadline date of December 30 will be able to do so at a later date set by the RBI and at RBI offices after furnishing necessary documentation.
But do not worry. The Rs.500 denomination is not going anywhere. The RBI will soon be issuing new Rs.500 currency notes.
In Pics: New Rs 500 note that will be issued pic.twitter.com/N51HDChDs3— ANI (@ANI_news) November 8, 2016
There will be no new Rs.1000 notes. RBI will be issuing notes of Rs.2000 denomination for the first time ever.
In Pics: New Rs 2000 Note that will be issued pic.twitter.com/4NXhNOpxxA— ANI (@ANI_news) November 8, 2016
PM Modi also called for the cooperation of the people and said that he understands the difficulty citizens of the country will be having for some time due to this otherwise necessary move.
Jitna sehyog aapse milega, utna shuddhikaran hoga: PM Narendra to the nation pic.twitter.com/NCT73M1Xs5— ANI (@ANI_news) November 8, 2016
The decision has been taken to block the flow of black money and to counter the huge fake currency racket being run from across the border in Pakistan.
Following the PM’s speech, RBI Governor Urijit Patel addressed the media and pointed at the fake currency notes problem.
RBI has been concerned about growing menace of fake Indian currency notes which has been increasing in numbers: RBI Governor Urjit Patel pic.twitter.com/oqgf3tsveQ
— ANI (@ANI_news) November 8, 2016
He added that the RBI has stepped on the gas to increase the issue of new currency notes as soon as possible.
Praise for the government’s decision to curb black money is coming from across quarters.
PM just released Brahmastra against corruption. Rs 500 and 1,000 notes useless from midnight. Corrupt can now play Monopoly with black money— Abhijit Majumder (@abhijitmajumder) November 8, 2016
Within Minutes some Filthy Rich have become Poor. Money under mattresses++ is mere paper.Times of Gunny Bags and Suitcases gone..! Jai Hind pic.twitter.com/dVXR2I2m3c— Kiran Bedi (@thekiranbedi) November 8, 2016
Wow big move!!! Amazed that such a major move was done without a whimper of a rumor.Hope systems have been primed for seamless transition… https://t.co/M7oc46xFHQ— Sanjeev Sanyal (@sanjeevsanyal) November 8, 2016
Success will depend if new currencies cannot be printed by those in black market. In interim, it’s a big step. https://t.co/fz04jBpHyz— Tufail Ahmad (@tufailelif) November 8, 2016
BMW, Jaguar sales in Gurgaon, Ludhiana will hit the roof tonight.— Sorabh Pant (@hankypanty) November 8, 2016
Last chance to use #BlackMoney for papa to give beta undeserved swag.
Property market set to correct. About time I say. #BlackMoney— Anuj Singhal (@_anujsinghal) November 8, 2016
Social media is hailing this as a surgical strike by the government because of the shroud of secrecy the decision was covered in. It is indeed commendable that the government succeeded in keeping this decision under wraps because a leak could have helped those having black money.