If you remember, there were a lot of ads in the month of July-August, urging people to “surrender” all their undeclared income before the 30th September, failing which, we were told there would be consequences that won’t be pleasant. PM Narendra Modi suddenly dropped a bomb right now and in what could be claimed as one of the best measures to tackle black money. ₹500 and ₹1000 currency notes will be completely abolished from today midnight.
The prime minister announced demonetization of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. The move was aimed to clamp down on rampant corruption, PM Modi said. In his televised address to the nation, PM 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. Those who are unable to exchange their notes by December 30 will be allowed to declare them with the Reserve Bank of India till March 31.
A number of exceptions have been made at places of particular importance, where the Rs 500 and Rs 1,000 notes will be accepted for an additional 72 hours, that is till midnight on November 11. This includes hospitals, railway ticket booking counters, government bus stands, and airports.
New notes of Rs 2,000 and Rs 500 will be circulated soon, PM Modi said, though these will have limited circulation.
We shall come up with a detailed follow-up post on this, please stay tuned. Meanwhile, do share your views with us!
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