Top 10 Things You Should Know About Modi’s Discontinuation of 500 & 1000 Indian Currency Notes

On 8th Nov’16, Modi declared 500 and 1000 currency notes will be discontinued from 8 Nov midnight. The decision has been made so that we can hit black markets down and any other fraud related to the currency notes would not take place, says PM Narendra Modi.

PM Narendra Modi

In addition, after discontinuation of 500 and 1000 rupee notes, RBI will be issuing 2000 rupee notes which will become a regular currency all over the country.

Well, no doubt this news is making every Indian citizen a bit more worried but no need to glaze and raising unnecessary questions on the government. Because there is always a solution and there is a statement by PM Modi that all the remaining 500 and 1000 rupee notes are required to be submitted at nearby Banks and Post Offices.

500 & 1000 notes

So, now if you are wondering about this all buzz which has been made by our lovable PM Modi Ji, then below are few things you all should know:

  1. The currency notes of 500 and 1000 will not be legally accepted from the midnight of 8th Nov’16.
  2. Instead of 500 and 1000 currency notes, RBI will be issuing Rs.2000 notes which will be regularly used across the country after 10th Nov’16.
  3. The decision has been made to stop the fraud of fake current, corruption, and terrorism which are festering wounds of the nation.
  4. Need not worry as these remaining 500 and 1000 currency notes are required to be submitted in nearby banks and post offices.
  5. Further, hospitals and medical stores will be allowed to take 500 and 1000 currencies denominations till 11th Nov’16.
  6. All the banks will be closed for the same on 9th Nov’16.
  7. Also, the ATMs will be closed for coming two days i.e. 9th & 10th Nov’16.
  8. People need to deposit all remaining 500 and 1000 currencies notes in Banks and Post Offices by 30th Dec’16.
  9. In case, if anyone is unable to deposit by Dec 30th then till 31st March’17, he can change by furnishing ID proof such as Aadhar Card or Voter ID card.
  10. And last, but not the least, now anyone can take up to Rs. 4000 only at a time.
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Creative people and other folks already started making trolls for this decision of Indian Government over the Social Media platforms like Facebook, Instagram, and Twitter. Well, whatever commoners do, but if the government won’t be able to circulate money correctly then no doubt it would turn into a chaos.