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PM Modi’s Surprise Move: Rs 500 and Rs 1000 Notes Withdrawn

11/9/2016 11:53:26 AM
written By : Team India Se Print

In a move that is aimed to curb corruption and black money, Prime Minister, Narendra Modi took the nation by surprise announcing the demonetisation of Rs 1000 and Rs 500.

In his first televised address to the nation, he said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

India’s central bank, the Reserve Bank of India will issue new Rs 500 and Rs 2,000 notes in due course. The last time India undertook such a measure was during the Janata Party government of Morarji Desai which did away with the Rs 1,000 note. It took at least two decades for the government to re-introduce currency of a higher denomination.

According to official statements, people could deposit old notes in banks by producing PAN, Aadhaar or voter card. The money can then be withdrawn. The banks will limit the withdrawal transactions to Rs 10,000 per day and Rs 20,000 per week. The ATM withdrawal limit will be Rs 2,000.

In order to gear up for this, banks will remain closed on Wednesday while ATMs too will not function for two days.

Commenting on this development, SBI chairman Arundhati Bhattacharya said, “We will work round the clock to ensure that customers have a smooth experience says. We will strive to restock ATMs at the earliest and make them operational.”

Meanwhile, government hospitals, ticket booking counters of railway, government busses and airlines counters at airports will accept the old notes for purchase of tickets. Petrol, diesel and gas stations authorised by public sector oil companies too would accept old notes.

President Pranab Mukherjee too welcomed the move and called upon the people not to panic, to follow the government's guidelines and to avail of the opportunity provided by the government to exchange notes of Rs 1,000 and 500 denomination for new legal tender.


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