Today PM Modi is addressing the country from the Capital and he has already made loads of announcements. PM Modiji said that this is a good chance for all citizens to participate in this fight against corruption and black money.
Rs 500 and Rs 1000 notes are BANNED!
This announcement has come as a shock to everyone; from midnight of November 8th i.e. today, Rs 500 & Rs 1000 notes would not be accepted as legal! Yes, they are banned and from tomorrow they are just going to be considered as papers. PM said that these notes are majorly used as black money and hence, they won’t be used any more.
The PM has taken this step because corruption and black money can hamper the economic growth of the country. He believes that terrorists from the other side of the border are spreading this counterfeit currency notes.
These notes can be deposited in any bank or Post office from the 10th of November to 31st of December 2016. People who possess these Rs 500 or Rs 1000 notes after the 30th of December can get it exchanged at the RBI by offering a declaration. This can be done till the 31st of March 2017.
He further stated that a new series of Rs 2000 and Rs 500 currency notes would be circulated. Moreover, banks would also remain closed tomorrow. Apart from that ATMs won’t be functioning till 9th of November.
Here are the new notes which RBI has issued-
EVEN ONE MORE SHOCKING THING- RS. 2000 NOTES WILL HAVE A NANO GPS CHIP FOR LOCATING EVERY NOTE!