1. Indigo stops accepting Rs 500, Rs 1,000 notes after PM Modi launches crackdown against black money

Indigo stops accepting Rs 500, Rs 1,000 notes after PM Modi launches crackdown against black money

After PM Narendra Modi's critical announcement Indigo Airlines issued an official statement that the airline will not be accepting Rs 500 and Rs 1000 notes.

By: | Updated: November 9, 2016 2:05 AM
From midnight today that is November 8, 2016, Rs 500 and Rs 1000 note will no longer be a legal tender. (Reuters) From midnight today that is November 8, 2016, Rs 500 and Rs 1000 note will no longer be a legal tender. (Reuters)

After PM Narendra Modi’s critical announcement Indigo Airlines issued an official statement that the airline will not be accepting Rs 500 and Rs 1000 notes. Indigo said that it would no more accept the denominations which have been ordered to be put out of circulation, starting midnight of November 8. “Pursuant to the announcement made by Hon’ble Prime Minister Shri Narendra Modi, IndiGo will not be accepting 500 Rupee and 1000 Rupee denomination currency notes with effect from 0000 hrs on November 9, 2016 for any services whatsoever including inflight sales, excess baggage charges, fast forward with the only exception for airline tickets at airport ticket counters till November 11, 2016”, the official statement of the airlines said.

However, why Indigo has taken this step is unknown. From midnight today that is November 8, 2016, Rs 500 and Rs 1000 note will no longer be a legal tender. Rs 500 and Rs 1000 notes are going to be discontinued. People have time till December 30 to go an exchange their old banknotes for new.. But those who cannot deposit their notes till December 30 can get additional time till March 31, 2017 in case of only having the declaration form. ATM’s maximum amount of withdrawal also has been slashed from Rs 10,000 to Rs 2000 per person in a single day.

Also Read : Modi government crackdown on black money: Where all can you use your existing Rs 500 and Rs 1000 notes for the next 72 hours?

The RBI governor Urjit Patel and DEA secretary Shaktikanta Das revealed the new Rs 500 note speciment in a press meet on Tuesday November 8. “There will be no impact on the liquidity on the wholesale markets. If at all there is any, we’ll make sure that its addressed,” said RBI governor Urjit Patel, adding that the fight against counterfeit notes and the black money required such a drastic step to be taken. “We will review the situation after 24 Nov, new notes will be in circulation from 10 November”, Union Finance Secretary Shaktikanta Das said.

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