500 and 1000Rs Note Pulled Out In India
In an surprise address to the nation today Prime Minister Narendra Modi announced that currencies with denomination of 1000rs note and Rs 500 will not be legal tender from midnight tonight. Prime Minister also said that hospitals will be allowed to take currencies of these denominations till November 11.
Prime Minister said these notes can be exchanged in banks and post offices from November 10 to December 30.
In his opening remarks, PM Modi said blackmoney to the tune of Rs 1.25 lakh crore has been unearthed during last two-and-a-half years. Prime Minister also said that banks will be closed on November 9. ATMs will also remain closed on November 9 and November 10 at some places.
“Govt will issue new currency notes of Rs 500 and Rs 2000 denominations,” PM Modi added.
Summary of the important announcement :
- Black money issue, 500 rupees and 1000 rupees note banned from Midnight.
- ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.
- All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
- ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.
- Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
- No changes in online, card, cheque or any other plastic money transactions.
- 9th November, banks wouldn’t be available for public banking services.
- New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
- This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.
RBI to issue ₹2000 Rupees Notes coming February 2017
Not just a piece of paper There is much more in this note Read the full content of this message
India is all set to add one more denomination to its currencies shortly. The Reserve Bank of India (RBI) will be issuing Rs 2,000 currency notes, the highest to come into circulation, even as some experts feel7 high-value denominations should be discontinued to curb black money.
The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)
How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note
How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
It’s Just a beginning of the end of black money in India.