End to Blackmoney as Modi declares Rs 500 and Rs 1000 notes illegal from midnight 8th Nov 2016
It came as a shocking news to every citizen of India, but also a welcoming step and a brave, radical decision by our 56 inch chested Mr Prime minister. It is the middle man the real AAM AADMI who is the happiest and celebrating as Modi declares Rs 500 and Rs 1000 notes illegal from midnight 8th Nov 2016. While the people who hoarded black money spend sleepless nights today, and plan to get back to Modi on this, the middle income group , the common man though facing lot of difficulties as of now, is ready to take the trouble and not only that, is also accepting to fight against black money by accepting to face the adversity such as this.
The problem however is not myopic and that is what the common man should understand. A long visioned plan implemented by our dear Prime minster is the much needed respite from the political turmoil up these days.
While other parties were busy in hooliganism and shouting out loud and boisterously pretending how offended they were at the recent television channel ban and or from the pollution of Delhi and were playing game of which religion to blame for this pollution, there was a man who kept mum and did his work. He knew when you need to do big, you need to out-focus the loud din and clamor and do your work and let your work do the talking.
Introducing 2000 rupees note and the new series of 500 notes is going to be another vital step and a radical shift in the way cash dealings are being done today.
With a number of announcements there lies a lot of discombobulation as to what exactly will be the modus operandi in the coming next few weeks. we here try to explain to our readers what to look out for in the coming weeks in Banks and how can they exchange their currency at Nationalised or non nationalised banks.
Points to remember:
1. Old Notes will be accepted into accounts or exchanged in bank branches till 30th December 2016.
2. Old notes of high denomination value only upto Rs:4000/- per day per customer can be exchanged, if and only if the customer provides his KYCs (proof of identity).
3. The rule of 4000/- cash deposit will be reviewed by RBI later after 15 days trial period.
4. There is no limit on depositing amount in your account provided the account is KYC compliant. If the account is non KYC compliant or opened under financial schemes of government, the limit of 50000/- per day shall exist subject to maximum limit of 100000/- in a year.
5. Cash withdrawal is limited to 10000/- per day subject to maximum of 20000/- in the coming first fortnight, that is until 24th Nov 2016
6. ATM withdrawal limit restricted to 2000- per day till 18th Nov 2016 after which limit will be revised to 4000/- per day and is subject to review further.
7. ATM will remain unoperational on 9th and 10th Nov. Banks to remain close on 9th Nov 2016.
8. To avoid discomfort to the general public, for the first 72 hours old denominations shall be accepted at hospitals, airports, ticket counters, crematoriums, CNG stations, petrol pumps, milk booths, Govt buses, and for foreign tourists to exchange foreign currencies.
Hope this clarifies a lot and reduces some of the chaos already prevalent. There is a lot in store for sure with this speed of our Prime minister.
Just wait and watch for more surprises, coz thatslyf….