Modi bans Rupees 500 and 1000 currency notes. Surgical Strike and Swach Aharat Abhiyan both taken together!
What actually happened?
- Rs. 500 and Rs. 1,000 notes become invalid from Midnight of 8 November i.e.they are now just a piece of paper.
- But all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.
- They must be deposited, starting Thursday till December 30, at post offices and banks.
- The public will thus have 50 days time between 10 November and 30 December to deposit old notes of Rs 500 and Rs 1,000.
- ATM withdrawals will be restricted to Rs 2,000 per day.
- Withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week, for now.
- There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
- Read the next post on the impact of this move across the various sectors.