As per instructions of Indian Prime Minister Narendra Modi Rs 500 Rs 1000 Notes were demonetized. It all happened by historic decision announced by Narendra Modi on Tuesday, 8 November 2016 at at 8.18 pm . Reserve Bank of India (RBI) cancelled present Five Hundred, One Thousand notes by making it’s value to zero on 8-11-16 midnight 11.59 pm.
Indian currency notes withdrawal by India is watched over by whole World. Many Natins congratulated Indian Prime Minister for this decision. When clock ticked to 12.00 am of 9 November 2016 Old Indian Currency of Rs 500 Rs 1000 notes denominations became useless just like pieces of paper. There are many explanations regarding why such a decision is taken by NDA-BJP led Modi government. New Indian currency notes that will be released in Indian Monetary sector will be new Rs.500 and Rs.2000 in new colors. People of India were startled by this quick decision and they did not know how to handle it when this news came out at night. Narendra Modi’s move against fake currencies is considered as a surgical strike against Pakistan in a new way.
It seemed easy for everyone to buy gold and stack it in their houses or bank lockers. By withdrawal of Indian Rs 500 Rs 1000 notes by reserve Bank of India, everyone will have to put back this money into bank accounts to make it legal. Tax should be paid for this money and source of money will also have to be mentioned. People who collected money through bribes or illegal affairs will be losing all their money. This is a major blow to people who stashed Indian currency in their possession without depositing in banks. Now they have only 2 choices, either deposit it in banks or burn it like paper.
After depositing this money they can withdraw it again from ATM’s based on present cash limits per day. Through withdrawal slips or online transactions payments can be made like before.
Know about – Bank, ATM Withdrawal Limit
Narendra Modi has made this quick decision to make all black money in India to White within 50 days ending 30 December 2016. Those who have old Rs 500 Rs 1000 notes can exchange it from selected offices of Reserve Bank of India (RBI) till 31 March 2016.
How to Change Old Currency from Banks, Post Offices – Dates
From 10th November 2016, old currencies can be remitted in Post Offices or Bank accounts. New currency notes of limit of Rs.4000 can be withdrawn from banks in first few days. Later this limit will be increased as cash availability in banks increase.
How to Overcome Urgent Cash Requirements till Limits are Removed
So how can we get money for our urgent needs if Rs.4000 is the limit set by banks per account. You can make use of Internet banking, Mobile Wallets like Paytm, Debit cards, Credit cards.
I Don’t Have Bank Account – How Can I Change Currencies
If you do not have a bank account, then it’s impossible to change currencies in your hand. You will have to open a new bank account in your name, so that you can change old currencies to get new notes. Those who have Jan Dhan Yojana accounts can also change currency.
New Currency Notes ATM availability, Limits
ATM’s at India will not function on 9th, 10th November 2016. From Friday, 11 Nov 2016 to 18 November 2016, we can withdraw only Rs.2000 per day from a bank account. From 19th November the ATM withdrawal limit will be changed to Rs.4000 per day.
Cheque, Withdrawal Slips
Rs.10000 per day can be withdrawn from an account using cheque or withdrawal slip. This will be limited to Rs.20000 per week.
Reserve Bank of India Guidelines about New Issued Currency Notes in 2016
RBI announced details about new Indian currencies issued from 10th November 2016 after stopping old ones on 8th November 2016.
Notes Changing Requisition form to be given to Banks
An application form has to be filled in for converting Old Indian currency notes to get new currency notes of Rs 500 Rs 2000 denominations.
In case of depositing money in your bank account there is no need to fill this form.
New Rs.500 Indian Note Features
New Rs.2000 Indian Note Features
Effect of Withdrawal of Indian Currency Notes on Gold, Real Estate
Gold, Real Estate sectors will face lot of problems and we can see downward movement of this industry. There was boom in real estate in India for past few decades. Black money circulation was possible by investing money with real estate, gold markets.
New Indian Currency Notes Photos – Rs.500, Rs.2000
How NRI / Abroad Indians Can Change Old Indian Rupees
Indians residing outside India can deposit money in NRO Savings account. This NRI account required minimum Rs.10000 as balance. This is easiest way for NRI’s to remit old Indian currency notes and avoid any loss by demonetization of currencies.
Impact on Elections & Politics
Elections are upcoming Uttar Pradesh (UP), Punjab in coming months. Crore’s of money will be arranged by political parties to be distributed among general public. With demonetization of old currencies in 2016, all this black money cannot be used by them. This will be a major impact on UP, Punjab elections.
Politicians are known to receive crores of Indian money which is stashed abroad, invested in business, real estate, gold .etc. This will remain untouched. Major impact of loss that old currency demonetization will do in India will be to people who kept it with themselves.