Prime Minister Narendra Modi has taken the biggest move to defeat all the black money holders, this major step will check all the black money present in the country. Narendra Modi on Tuesday at 8 PM announced the demonetisation of Rs 500 and 1000 currency notes, the 500-1000 notes became obsolete with effect from midnight.
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The Only Use Of these Notes After 2016
Take a look at the new Rs 500, Rs 2000 notes to be circulated soon:
A new series of Rs 2000 and Rs 500 currency notes would be circulated.
- Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
- PM Modi said newly designed notes of Rs 2,000 and Rs 500 denominations will be circulated soon. He also said that the Reserve Bank of India has decided to limit the notes with higher value
- New bills for Rs. 500 and Rs. 2,000 are being printed and will be sent to banks. They will be in limited supply initially, necessitating a cap on how many are available to an individual.
Banks are closed today while they prepare for the transition.Starting Friday, people can swap old notes for new for up to Rs. 4,000 (the limit will be removed on the 24th).