In a sweeping move PM Modi has gone ballistic on fake currency in circulation. Sweeping measures have been announced as an attack on Black Money.
Here are the announcements –
- Exisiting Rs. 500 and Rs. 1000 Currency Notes will not be valid from Today (8th November) Mid-Night.
- All banks and ATMs to remain closed tomorrow (9th November, 2016)
- All Rs. 500 and Rs. 1000 notes to be deposited into Bank OR Post Office from 10th November, 2016 to 30th December, 2016.
- After 30th December, 2016 to 31st March, 2017, Rs. 500 and Rs. 1000 notes will be accepted in selected branches of RBI Branches after taking Declaration from the depositor.
- Cash Withdrawals from ATM will be limited to Rs. 2,000 per day for some period of time.
- Cash withdrawals from Bank will be limited to Rs. 10,000 per day and Rs. 20,000 per week.
- New Rs. 500 and Rs. 2,000 Currency notes will be issued by RBI after some period of time.
- Essential services like hospitals, burial places, rail bookings, air bookings to continue to accept old currency noted for some time.