About Article : Post about Last Midnight Announcement Related to Rs.500 and, Rs.1000 Notes Banned .
On 8th November, 2016 Prime Minister has declared that notes of ₹500 & ₹1000 are going to become ‘Illegal Currency’ from 00:01, 9th November, 2016 onwards.
In order to prevent the natives from falling into chaos, PM has announced that during 9th Nov, 2016 – 11th Nov, 2016 the tellers of medical stores & hospitals are allowed to receive the ₹500 & ₹1000 notes but they are directed to maintain the purchase record during the same period.
From 12th November, 2016 both notes will become unacceptable at Medical shops & hospitals as well.
PM Modi has allowed the period of 50 days, from 9th Nov, 2016 – 30th Dec, 2017, for the citizens so that they can exchange their notes of ₹500 & ₹1000 from the banks. So, we need to exchange all of our notes of mentioned figure before 31st Dec, 2016.Unfortunately, if someone still fails to exchange then he need to submit his ₹500 & ₹1000 notes to Reserve Bank of India (RBI) with his ID proof where he also require to fill the declaration form.
As one of the consequences of this shocking decision, the ATMs will remain closed for first two days i.e. 9th to 10th Nov, 2016.
After reopening also the maximum limit of money which can be withdrawn from ATMs is ₹2000 per day per card. It means one can only withdraw upto ₹2000 from in one day on his/her one card.One can withdraw from ATMs upto ₹10000 only during first week, after its reopening. However, this limit will be doubled for the next week.
Newly designed notes of worth ₹500 and ₹2000 have also been introduced today. However, the new ₹500 note will become into circulation from 10th November, 2016.The face of newly designed ₹500 note is occupied by M. K. Gandhi while Red Fort is caricatured at its back.
Similarly, the face of newly designed ₹1000 note is occupied by M. K. Gandhi but at its back ‘Mangal Yaan’ is designed.
WHY IT IS DONE
1. To hinder the corruption.
2. To stop terrorism getting fed.
3. From last some years, circulation of ₹500 notes have increased to 76% and circulation of ₹1000 notes have raised to 109% while shockingly the growth rate of the country during the same period was only 6% which means there is ge circulation of fake notes in great numbers.