Axe On Black Money

Prime Minister Narendra Modi’s “Surgical Strike” on black

money has caused panic in the market with people making long

queue in front of ATMs and petrol pumps. 

The people rushed to ATMs after Modi addressed the nation

informing that Rs 500 and Rs 1,000 currency notes would be “illegal” after the mid night of

November 8. 

The people who hold some amount of Rs 500 and Rs 1000

notes rushed to petrol pumps to fill fuel of Rs 100 or Rs 200 in order to get back remaining

money in small denominations. 

The petrol pump owners incidentally ran shortage of small notes as many handed

over Rs 500 and Rs 1,000 notes. 

In ATMs, the people wanted to draw an amount less than Rs

500 in order to get Rs 100 notes. A person requiring Rs

1,000 made at least three transactions thus making the

queue bigger. 

Banks will remain closed on November 9 while ATMs may

remained non-functional for two days on November 9 and 10. 

However, Mr.Modi said the Government will issues new Rs 500 and Rs 2,000 notes soon.

Prime Minister Mr.Modi suggested people: 

** You can deposit old Rs 500 and Rs 1,000 notes in banks/post office accounts from November 10 till December 30, 2016, without any limit.

** There will be a limit on withdrawal from banks and post offices to Rs 10,000 a day, and Rs 20,000 a week. The limit will be raised in the coming days.

** You can exchange Rs 500/Rs 1,000 notes at any bank, post office or sub post office, showing ID proof, till November 24, 2016. The limit for this is Rs 4,000.

** ATMs will not work on November 9 (Wednesday), and in some places on November 10.

** Withdrawals from ATMS will be limited to Rs 2,000/day per card. This will be raised to Rs 4,000 later

** For 72 hours, the following services will accept Rs 500/Rs 1,000 notes:

Government hospitals, Railway ticket booking counters,

government buses and ticket counters at airports. Petrol,

diesel and gas stations authorized by public sector oil

companies.

Consumer cooperative stores are authorized by State or Central Government, milk

booths are authorized by State Government and crematoria and

burial grounds. 

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