Modi’s surgical strike on black money
Prime Minister Narendra Modi, on November 8, announced that
500 and 1,000 rupee notes will cease to be legal tender from now. The Prime
Minister made a sharp reference to cross-border terror which was being funded by
forged currency notes and emphasized that the decision was taken to curb the
menace of black money and counterfeit currency. Existing currency notes of Rs
1, 2, 5, 10 and 100 denomination as well as coins will continue to be legal and
can be used for buying and selling.
While
most financial experts and India Inc. honchos said it was not unexpected, the
timing of the announcement caught everyone by surprise. An obvious reason for
this would be to ensure that unaccounted wealth is not siphoned off via other
channels like gold or property. In his address, Modi asked people to exchange
these notes for other denominations from November 10, 2016 till December 31,
2016. This can be done in banks and post-offices.
New Currency Notes:
However
there are some other channels as well where denominations of 500 and 1000 can
be used. Government hospitals will continue to accept old 500
and 1,000 notes for 72 hours. Similarly, rail, airline and government bus
ticket counters, as well as milk booths, petrol pumps, consumer cooperative
societies, crematoriums and burial grounds, and foreign
currency exchange facilities at airports will accept these notes for the next
72 hours. Transactions through debit and credit cards, cheques and demand
drafts will continue as usual.
Chart sheet of cash withdraw & deposit dates is given below:
There will be a cap on ATM withdrawals from 2,000 per day on one card. This will be raised to 4,000 in the coming days. New 500 and 2,000 notes will also be issued on November 10 and will be available for use to the general public.
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