Rs 500/1000 Notes Ban | Public Problems (Hindi)

On 8th November 2016, the Prime Minister of India, Narendra Modi (NaMo) made the biggest economic announcement in his prime ministerial history till date – banning INR 500 and 1000 notes all over India.

The industry as well as the common people of the country has welcomed
this dynamic move of the government as it is expected to be a major
step to check illegal or black money.

A lot is happening and will happen with this surprise announcement of
demonetization of INR 500 and 1000 currency notes, for which you should
be prepared.

So, here we have summed up everything you need to know about the ban:

Abolishment of INR 500 and 1000 Notes: Everything You Should Know

1. What is This Ban About?

NaMo
announced yesterday that INR 1000 and 500 notes will be abolished with
an immediate effect all over the country which is a major assault on
corruption, and circulation of black money and fake currency.

2. When Will it be Implemented?

The announcement of the said ban was made yesterday, i.e. on 8th
November 2016 to be effective the same midnight onwards. The complete
ban will come to an effect from 10th November 2016 and will stay until
30th December 2016.

3. What Can You Do if You’re Holding These Currencies?

From 10th November until 30th December, people who are holding these
notes can deposit them in the nearest banks along with KYC documents as
well as in post office accounts without any limit.
People may also exchange these notes for the lower denominations
(100, 50, 10, etc.) at banks, and head and sub-post offices till 24th
November by producing a valid government identity proof such as PAN
card, Aadhaar card, and Voter ID card. The exchange limit is capped at
INR 4,000.
From 11th November, you can withdraw money from ATMs which will not
be dispensing the existing INR 500 and 1000 notes thus, solving your
major problem. The withdrawal limit is lowered to INR 2,000 per card per
day for the first few days, and then will be increased to INR 4,000 per
card per day.
Banks will remain closed on 9th November, and ATMs will not work on
9th November and in some places on 10th November as well. So, make your
arrangements accordingly.
There is no restriction of any kind on non-cash payments by
debit/credit cards, cheques, DDs, and electronic fund transfer. So, opt
for these payment methods if possible.