All existing notes of Rs 500 & Rs 1000 cease to be legal tender
The Great Impacts:
> This historic step will open up new opportunities for poor, neo middle class & middle class
> Real Estate prices, Higher Education, Healthcare to come within the reach of common citizens
> Funding for arms smuggling, espionage, terrorists to be choked
Here is what you can do:
>> Deposit old notes of Rs 500 Rs 1000 in bank or post office accounts from 10th November till 30th December 2016 without any limit. There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days
>> Exchange old notes of Rs 500 or Rs 1000 at any bank, head post office or sub post office while showing ID proof. The limit for this is Rs 4000 upto 24th November 2016.
>> No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
>> On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be limit of Rs 2000 per day per card. This will raised to Rs 4000 later.
>> Check out RBI notification for more details.
“Our generation did not get the opportunity of fighting for the freedom of our nation but today we have the historic opportunity to week out the menace of corruption and black money to secure the future of our nation.” – P M Narendra Modi