When the world was waiting for the news of U.S.A’s elections, India exploded with a new bomb. India’s Prime Minister Narendra Modi,addressing the nation declared that all 500 and 1000 rupees notes will be banned from the midnight of 8th November.
Here are some facts about this new rule that the government has implemented:
1The Prime Minister, today in his opening remark said that Rs 1.25 crore of black money has already been recovered in the last two-and-a-half years.
2Crematoriums and cemeteries are also allowed to take and give 500 and 1000 notes till November 11 2016.
3PM Narendra Modi quoted while addressing the nation, that corruption,fake currency,and terrorism are causing damage to the Indian economy.
4Citizens now only have 50 days to return all the 500 and 1000 rupees notes to the bank and the post office.
5Those who will not be able to deposit the Rs 500 and Rs 1000 notes by 30th December will get a chance to change them till March 31st,2017 , by using their Id proofs.
7All notes in the lower denomination like Rs 100, Rs 50, Rs 20, Rs 10,Rs 5 ,Re 1 and all coins will still remain valid.
8Government hospitals will accept the 500 and 1000 rupee notes until the midnight of 11th November.
9 Petrol pumps and retail outlets have to keep track of the transaction of every 500 and 1000 rupee notes till 11th November.
