Blanket ban on Rs.500 and Rs.1,000 | Fusion - WeRIndia

In a shocking announcement, yesterday night Prime Minister Narendra Modi revealed that currency notes of Rs.500 and Rs.1,000 would be banned effective from midnight.

Modi addressed the nation yesterday in which he announced the above decision. The address was sudden and not planned before. Modi met all three chiefs of the Indian army and discussed about the situation in Kashmir after which he met President Pranab Mukherjee.

When media was informed about the PM’s sudden address to the nation, all of them thought that it would be about nation’s security. But to the astonishment of the entire nation, Modi announced the blanket banning of Rs.500 and Rs.1,000.

PM stated that the move was intended to reduce adverse effects of black money, corruption, fake currency and terrorism. He assured that new notes of Rs.500 and Rs.2,000 will be issued soon.

PM said that this move would not affect key services in the country. Public transport services like bus reservation and railway reservation counters, and other services including hospitals, petrol pumps, air ports, crematoriums and other vital services will accept the currency notes till November 11.

ATMs will not work today i.e. on November 9 and in some places on November 10 as well. People can deposit their old currency notes of Rs.500 and Rs.1,000 in banks and post offices till December 30 this year. People who want to exchange their notes can do so in banks from November 10to 24 with a maximum limit of Rs. 4000 a day. In this period, there will be a limit in withdrawals as well with only Rs. 10,000 per day and Rs. 20,000 per week.

All banks will be closed today for public business. PM anticipates the cooperation of public to the move for national interest.

RBI governor welcomed the decision of government on issuing a blanket ban on the existing currency notes. He said that such a strong move is essential to fight against black money and fake currency.

While the US is busy counting its votes, India is busy counting its notes.

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