In a bold move to fight social evils, the PM Narendra Modi announced that INR 500 and INR 1000 currency notes will be made illegal from midnight of 9th November 2016.
This gave rise to a lot of commotion in the country overnight. Common people were not sure what to do with the cash in hand. How to exchange the same? How long will the banks and the ATMs remain close?
Rational and irrational thoughts clouded the minds of common men who were not sure about the details of this development. So what happened and what more to expect?
- From 12AM of 9th November 2016 all existing 500 & 1000 currency have been made illegal. All the cash you have at the moment in 500 & 1000 notes will be nothing more than a piece of paper when it comes to day to day transactions.
- All these notes are to be deposited to the banks or the post offices in your respective accounts between 10th November and 30th December 2016.
- INR 1000 notes will be completely removed from the market.
- New currency notes of 500 will be circulated immediately, followed by the new 2000 notes.
- There will be no change in the 1, 2, 5, 10, 20, 50 and 100 notes as of now.
- An upper limit of Rs 4000 has been set on the withdrawal amount till 24th November 2016.
- Banks and ATMs were kept close on 9th November for public transactions and ATM will remain closed on 10th November too.
- Once ATMs are functional there will be a withdrawal limit of Rs 2000 every debit card, which will be increased to Rs 4000 later.
- There will be no restriction of any kind on non-cash mode of payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
What will be the new 500 & 2000 currency notes look like?
The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das will be termed as the Mahatama Gandhi series of bank notes and they also carry a picture of Delhi’s Red Fort.
There will be see-through register with denominational numeral 2000. The latent image will appear with the denominational numeral 2000. There will be a denominational numeral २००० in Devnagari. Portrait of Mahatma Gandhi will appear at the centre. Micro letters ‘RBI’ along with ‘2000’ on the left side of the banknote. Windowed security thread with inscriptions ‘भारत’ (Bharat), RBI and 2000 on banknotes with colour shift. The colour of the thread will change from green to blue when the note is tilted. Guarantee Clause, Governor’s signature with Promise Clause and RBI will be towards right. The denominational numeral with Rupee Symbol, ‘2000’ in colour changing ink (green to blue) will be on bottom right. The Ashoka Pillar will be right, Mahatma Gandhi portrait and electrotype (2000) watermarks. Number panel with numerals growing from small to big on the top left side and bottom right side will be seen.
The country is eager to see the new notes once they hit the market.