On Tuesday, Indian PM, Mr. Narendra Modi’s announcement of banning Rs. 500 and 1000 notes from midnight shocked the entire nation. In fact, it's not only dazed India but the whole world. In his televised speech Tuesday evening, he said that the decision has been taken in order to curb black money and fake currencies that were being used against the nation by the terrorists and some anti-nationals. In this speech he answered almost all the questions that were bothering us after this ruling came out, some questions that were left unanswered were answered by the RBI in the FAQs it released following Mr. Modi’s speech. So we, at Weetjij, have summarized every detail of this decision for you. Go ahead and check out all the details. Also read, David Beckham tattoos meaning
A: Rs. 500 and 1000 notes will be banned from 8th November 2016’s midnight.
A: To curtail corruption, terrorism funding, fake currencies, hawala and black money.
A: Those who have Rs. 500 and 1000 notes can go to banks or post offices with their ID proofs such as Aadhar card, driving license, voter ID card, Pass Port, NREGA Card, PAN Card, I-Card issued by Government Department or Public Sector Unit to its Staff to exchange their notes. You can also go to one of the branches of your Bank with these proofs and cash for electronic fund transfer. RBI will be releasing new notes of Rs. 500 and 2000 from 10th November 2016.
A: You can exchange these notes till 30th of December, 2016.
A: Yes, you would be able to exchange notes after the 30th of December as well but after this period, you will have to go straight to the RBI with a declaration form to exchange your notes. You can avail this option only till 31st March 2017.
A: From 10th to 24th November, you can exchange an amount of Rs. 4000 in cash. Anything over and above this amount would be transferred in your Bank account through electronic fund transfer.
A: The Banks are closed today for all public dealings in order to prepare and implement new measures.
A: ATMs are closed today and most of them will remain shut for tomorrow as well to clean it and recall all the Rs. 500 and 1000 notes.
A: Yes, you can use them, but the limit to withdraw money has been set at Rs. 2000 per day.
A: No, this decision has no repercussions on the transactions made by these mediums.
A: Yes, you can use these notes in hospitals, bus depots, airports and petrol pumps till the midnight of 11th November 2016.
A: The new notes will be completely different. Rs. 500 notes will be gray in color and have Lal Quila’s picture on it, whereas Rs. 2000 note will be magenta colored and have Mars Orbiter Mission’s picture on it.
PM Modi said that this decision is very crucial for the Indian economy. Indian citizens are very enthusiastic and passionate for the country. They will choose inconvenience over corruption. This decision is also a part of ‘clean India drive’ so that the Indians can proudly present themselves to the world to prove how honest an Indian citizen is.
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