New Delhi, November 8
In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes in Rs 500 and Rs 1,000 denomination will be withdrawn from midnight. The step has been taken to check black money, he added.
The RBI will issue new Rs 500 and Rs 2,000 notes.
Here’s is what you can do:
— Deposit old notes of Rs 500 or Rs 1,000 in bank or post office accounts from November 10 till December 30, 2016, without any limit. There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
— Exchange old notes of Rs 500 or Rs 1,000 at any bank, head post office or sub-post office while showing ID proof. The limit for this Rs 4,000 up to November 24.
— No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
— On November 9 also, ATMs will not work. In the first few days, there will a limit of Rs 2,000 per day per card. This will be raised to Rs 4,000 later.
People friendly measures to minimise inconvenience:
— For 72 hours, government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payment.
— For 72 hours, railway ticket booking counters, ticket counters of government buses and airline ticket counter at airports will accept the old notes for purchase of tickets.
— For 72 hours, old Rs 500 & Rs 1000 notes will be accepted at:
1. Petrol, diesel and gas stations authorised by public sector oil companies
2. Consumer co-operative stores authorised by state or Central government
3. Milk booths authorised by state governments
4.Crematoria and burial grounds.
Here’s what PM Modi said in his address:
— Corruption and black money have taken deep roots in the country.
— In global ranking, we are rated high in corruption index.
— Some specific classes are behind it. Some used high position.
— At the same time, many honest people are working diligently. We read reports of honest auto or taxi drivers returning valuables of customers.
— Corruption and terrorism are pushing the country behind.
— Counterfeit notes are being pushed from across our borders to finance terror activities.
— We have taken steps to check such activities and seized fake notes.
— Have entered into pacts to check black money through the exchange of information.
— Several measures led to the unearthing of 1.25 lakh crores of black money.
Within 72 hours, railway tickets, airways tickets can be purchased with the old notes of Rs 500 and Rs 1,000
Government hospitals will accept old notes of Rs 500, Rs 1,000 till November 11 midnight
RBI Governor Urjit Patel and secretary of department of economic affairs Shaktikanta Das will address at 9 pm
