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Modi’s new scheme to curb black money, Discontinuing Rs. 500, 1000 Currency Notes

Modi’s new scheme to curb black money, Discontinuing Rs. 500, 1000 Currency Notes

Rimple Verma

New Delhi,Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. The Rs. 500 and Rs. 1000 notes must be deposited at post offices and banks by the end of December, the PM said, adding the move was essential to fight “the disease of black money.”

The decision to ban existing 500- and 1000-rupee notes has a certain economic logic to it. Certainly, the absence of large-denomination notes will make it harder for people to keep black money in hand. That said, there are no clear estimates as to how much black money is in actual currency notes, and how much in land or gold or other forms of wealth.

Rbi will issue the new notes of Rupees 500 & Rupees 2000 denomination in the coming days with new colors and designs.

The notes will look like this.

See Also

New Design of Notes Rs.500 and Rs.2000

There will be no change in any other form of monetary exchange — cheque, DD, payment via credit or debit cards, he said.
Here’s what you need to do with your Rs. 500 and Rs. 1000 notes.

  1. Change them at the bank or post office from November 10 to December 30
  2. Take Aadhaar card and Pan Card when you go to exchange these notes
  3. After December 30, these can be changed at the Reserve Bank with a declaration
  4. Tourists can change the notes at airports

The story is sourced from various sources by PagalParrot Staff.

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