Mr. Narendra Modi’s brave move to stop corruption
As a measure to fight corruption and black money, PM Narendra Modi has banned Rs 500 and Rs 1000 notes from yesterday. Yes, from 8th November midnight, these notes would not be considered as legal tender. This is just like an emergency period for all of us as all this has happened at a very short notice!
Expressing concern over the circulation of fake currency notes, Reserve Bank of India Governor Urjit Patel on Tuesday said the apex bank will launch new Rs 500 and Rs 2,000 currency notes from November 10.
Today’s announcements will give greater strength to fight corruption, black money, terror & counterfeit currency.
The ATM withdrawal limits have gone down drastically and this is surely going to hamper us a lot;
Daily limit- Rs 2000/day!
Monthly limit- Rs 20,000/ month!
Notes can be exchanged at Banks or Post Office from 10th of November to the 31st of December. However, post 31st of December, you need to submit an application to the RBI for exchanging them and this can be done till the 31st of March 2017.
There is an exchange limit too; till the 25th of November, only notes of value Rs 4,000 can be exchanged. Limit would be increased later on.
Notes are valid at some places:
Till the 11th of November, notes would be valid at Airports, Railway stations, petrol pumps and milk centers.