In a radical move to curb corruption, Prime Minister Narendra Modi on Tuesday declared Rs. 500 and Rs. 1000 bank notes as illegal tenders. i.e these notes will not be legal for transactions anymore. In his televised address to the nation, 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. PM Modi said that Government has taken the step in a bid to curb corruption. Here are 10 things to know about the development.
1) Rs. 500 and Rs. 1000 notes declared illegal by Prime Minister Narendra Modi
2) People can easily deposit their Rs. 500 and Rs. 1000 notes in banks from 10th November to 30th December, ie. in 50 days.
3) People can easily deposit their Rs. 1000 and Rs. 500 notes in banks.
4) Government has put a bar of Rs. 2000 on ATM transaction in a day. i.e you can’t withdraw more than Rs. 2000 from banks in one day.
5) And can withdraw once the amount is credited into their bank accounts.
6) This will not affect the financial transaction through cheques. i.e a person can withdraw an amount from banks through the medium of a bank cheque.
7) The step is taken in view to curb the use of black money.
8) Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1,000 notes till 11 November midnight.
10) Prime Minister in his speech said that people have accepted corruption as part of their lives.