Prime Minister Narendra Modi on Tuesday announced the abolition of Rs 500 and Rs 1,000. He announced that the government will come out with a new Rs 500 note and Rs 2,000 note. Modi further said that the step has been taken in order to control the flow of black money in the country and asked the country men to deposit their above said rupee notes to banks from November 10 to December 30. He added that for next three days notes of Rs 500 and Rs 1,000 can only be used in petrol pumps, hospitals, bus terminal, railway stations and some stores like Safal. Here are the top take aways from the decision taken by the Centre:
*Those who have opened their accounts in banks and post offices , can deposit notes in bank and post offices from November 10 to December 30.
*While notes of Rs 500 and Rs 1,000 have been banned, all notes in lower denominations including all coins will continue to remain valid.
*Not more than Rs 2,000 can be withdrawn from ATM per day.
*The government has decided to cap withdrawals of amounts from bank Bank accounts at Rs 10,000 a day, while Rs 20,000 will be for a week.
*While banks will remain closed on Wednesday, ATMs will not function on Wednesday as well as Thursday.
*The step shas been taken to bring crores in unaccounted wealth into mainstream economy.
*New 500 and 2,000 denomination notes are likely to be issued later.