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All You Need To Know About Modi’s Surgical Strike On Black Money

All You Need To Know About Modi’s Surgical Strike On Black Money

S. Shanthi
While we were still recovering from post Diwali blues, Delhi pollution, Dengue and what not, Prime Minister Narendra Modi threw a surprise bomb last night that shifted all the attention from even the US elections. He announced that Rs.500 and Rs.1000 would cease to be legal tender from midnight November 8. As soon as the announcement came, celebrities and politicians bombarded the Twitter with congratulatory messages and hundreds of jokes were exchanged in social media.

Masses touched the panic button, they queued up at ATMs to get 100 rupee notes, went to chemists for exchange and some even went to the local rickshaw guys who were totally unaware of the situation and happily gave away their hundred rupee notes in exchange of 500 rupee notes. Almost the entire nation was awake last night.

Interestingly, social media is also all praise for Anil Bokil, apparently the man behind stopping 500 and 1000 rupee notes. One of the key members of Arthakranti Sansthan, an economic advisory body constituted by a group of chartered accountants and engineers, Bokil was given time to share his ideas with PM Modi before recent elections. Though he was given nine minutes for sharing, Modi heard him for two hours. According to Arthakranti Proposal, this is one of the effective and guaranteed solutions for black money generation, price rise and inflation, corruption, fiscal deficit, unemployment, ransom, GDP and industrial growth, terrorism and good governance.

However, unless you have a pile of illegal cash buried under your floor tiles, you don’t have to worry. Here we simplify things for you and give you a list of all that you need to know.

Banks will be closed today for public transactions. Banks and ATMs will not function - in some places also on Thursday November 10, to allow banks to make the transition.

You can deposit old notes at your nearest bank or post office accounts without any limit from November 10 till December 30. But withdrawals from banks are capped at Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.

You can also exchange Rs 500 and Rs 1000 notes for lower denomination at banks, head post offices and sub-post offices. However, the exchange limit has been capped at Rs 4,000, and you can exchange till November 24.

Carry Aadhaar card or PAN card or any ID proof when you go to exchange notes.

Do not accept currency in denominations of Rs 500 and Rs 1000 with immediate effect. Any currency accepted in these denominations from today would be deemed to be illegal.

No restrictions of any kind on non-cash payments. People who have their money safe in their savings accounts need not worry about their notes. There would be no restrictions of any kind on non cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer

Notes of Rs. 100 and lower denominations will all continue to be legal tender. Coins too will continue to be legal tender. Online transactions and card payments will not be affected.

Carry a doctor’s prescription if you are giving away Rs 500, 1000 notes. For 72 hours, Government hospitals will continue to accept the old notes for payment. It will also be accepted in Railway ticket booking counters, Airport, Milk booths, Crematoria and burial grounds, Petrol diesel and gas stations.

You cannot exchange other people’s cash. Beware, all banks would have CCTV cameras that would monitor the exchange of cash, one has to show their personal ID.

This is how the new notes will look. They would be introduced on November 10.

New Rs. 2000 Note

New Rs. 500 Note

(Main Image: Indiatimes)

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