Yesterday, Prime Minister of India, Narendra Modi announced a change that will have a far ranging impact on corruption in India. The current Rs. 500 and Rs.1000 notes are no longer usable as legal tender from midnight last night. Demonetization is now in effect.
PM Modi’s broadcast on the reasons for this dramatic and well executed decision can be seen here:
- The current Rs.500 and Rs.1,000 currency notes will no longer be accepted as legal tender
- These notes can be exchanged for notes of other denominations, at banks and post offices, till 31 December, 2016. Remember to take along a valid photo ID.
- New currency notes of Rs.500 and Rs.2,000 value will be brought into circulation from November 10th
- All banks and ATMs are closed today, Nov 9th, in order to effect this change
- There is a daily limit of Rs.4,000 for withdrawal from ATMS and of Rs.10,000 for withdrawals from banks between 10th November and 30th December 2016.
- All Government run Hospitals will accept Rs.500 and Rs.1000 currency notes for payment towards medical treatment. As will
- Government run Pharmacies – based on Doctors’ prescription.
- Government run Railway Ticket Booking,
- Government Bus
- Airports (Buying of tickets only)
- Petrol Stations,
- CNG retail outlets,
- Milk Booths,
- General & Ration Stores, and
- Foreign nationals visiting India can exchange their Rs.500 and Rs.1,000 currency notes up to the limit of Rs. 5,000 only.
If for some reason you cannot replace your old currency notes by 30th December 2016, there is a grace period till 31st March 2017, based on a Self Declaration.
Non Cash transactions such as Cheque, Demand Draft, Credit Card and NEFT transactions are unaffected.
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