Rs 500, Rs 1000 notes banned: Why this will make the real estate sector more transparentTrue in India 500 Rupee and 1000 rupee notes Currency are banned closed.Rbi addressing the country tonight, announced that 500 Rupee and 1000 rupee notes will not be used from midnight onwards in INDIA. The Rs 500 and Rs 1000 notes must be deposited at post offices and banks by the end of December So, Narendra Modi Goverment anonounced that currency Notes of Rs 500 and Rs 1,000 Denominations Will be Illegal starting 12 midnight on November 8. That is not even four hours after the surprising announcement was made.They must be deposited starting Thursday and through December 30 at post offices and banks,and also
“Currency notes of Rs 1,000 and Rs 500 will be just paper with no value,”>Must Read: how to convert black money into white through trust These notes will only be papers from tomorrow," he said in Hindi, adding that the move is to curb circulation of counterfeit notes and fight blackmoney.
People who posess currency notes of these denomination can exchange them in banks and head and sub post offices from November 10 to December 30, by providing a valid proof for identity such as Aadhar card, PAN card or voters ID card.
Post December 30, these notes will be accepted only by the Reserve Bank of India after submitting a declaration.
From midnight today, till November 10, ATMs will not function. Banks will be closed for public transactions tomorrow.
This Move Will Not Affect Debit Cards, Cheque and Digital Transfer of Money.
All other denominations such as Rs. 100, Rs. 50, Rs. 10, Rs. 5, Rs. 2 and Re. 1 as well as coins will continue in circulation unaffected.
In an unusual televised address, as the NDA government completes two-and-a half years rule on Tuesday, Mr. Modi said Rs. 500 and Rs. 1000 denominations are mostly counterfeited "from across the border."
"We have brought back Rs. 1,25,000 crores of blackmoney from corrupt people through various means," the Prime Minister said.
How Our upcoming Currency look-like