In a historical step,Govt. of India has scrapped currency notes of denomination ₹ 500 & 1000.The order is effective from midnight of November 8,2016.The move is learnt to have been taken to tackle the issue of black money.
All the old currency notes of ₹ 500 and 1000 shall be useless now onwards.Govt. has given a time period of 50 days to the people of India to get their current holdings in the denomination of 500 & 1000 to get exchanged from the banks and post offices after November 10,2016 to December 31,2016.
Maximum amount one can exchange at a time is ₹ 4000.However,one can use these currency notes at hospitals,ticket bookings at airports and railways for the next 72 hours.
Reserve Bank of India (RBI) shall be issuing new currency notes of denomination of ₹ 2000 and 500 after November 10,2016.Banks will remain closed on November 9,2016 to deal with the situation and at several places ATM services may not be available.However,on-line transactions via NEFT,IMPS or credit card services shall not be affected.
The step taken by the government is really a strong one but shall it be effective in tackling the menace of black money,remains a million dollar question.
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