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500 & 1000 rs notes stopped from tonight


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Currency notes of Rs 500 and Rs 1000 denominations will not be legal tender beginning November 9. This was announced by Prime Minister Narendra Modi in a special address to the nation on Tuesday evening. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation's economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon.


The end to the legal tender of the Rs 500 and Rs 1000 notes comes into effect the midnight between Tuesday and Wednesday, as soon as the date turns to November 9. ATMs will not work on November 9, and at some places on November 10 as well.

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Mr Modi said Rs 500 and Rs 1000 notes can be deposited a post offices and banks without any charge till December 30. Banks would be closed for public business on November 9, to allow them to tackle the rush of people who might want to deposit their notes. Cashless fund transfers would remain unaffected

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*why RBI is issuing ₹2000 Rupees Notes *

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a *NGC (Nano GPS Chip)*

*How the embeded NGC Technology Works?*

The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

*How will this help eradicate black money menace?*

Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation

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Prime Minister Narendra Modi on Tuesday made big announcements to curb blackmoney in the country. 

 

Here are 10 important announcements Modi made in his speech:

 

1. Rs. 500 and Rs. 1000 notes cease to be legal tender with effect from today midnight.


2. For 72 hours, Government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payments.


3. For 72 hours, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets.


4. For 72 hours, old Rs 500 and Rs 1000 notes will be accepted at: 
-- Petrol, diesel and gas stations authorised by public sector oil companies.
--Consumer co-operative stores authorised by State or Central Government.
--Milk booths authorised by State governments
--Crematoria and burial grounds.


5. No change in any other form of currency exchange like cheque, DD, payment via credit or debit cards etc.


6. If you are unable to deposit Rs 1000 and Rs 500 notes by December 30, you will be allowed to change them till March 31, 2017 by providing ID proof.


7. RBI will circulate new Rs 2000 and Rs 500 notes soon. RBI has decided to limit the notes with higher value


8. On November 9, all banks will remain closed for public work


9. On November 9 and in some places November 10, ATMs will not work


10. You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office.

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