BREAKING NEWS – Rs 500 and Rs 1,000 currency notes banned
The move was announced in a sudden address at 8 pm that was televised across all news channels when the frenzy was otherwise with the US presidential polls.
Rs 500 & Rs 1000 notes banned from tonight(8 nov). Can only be deposited in banks accounts, head and sub-post offices;You can exchange them in banks & post offices between Nov 9 and Dec 30, 2016;
ATMs will dispense only Rs 2000 a day, later to be increased to Rs 4000 per day. Those who miss the Dec 30 deadline, can exchange old Rs 500 and Rs 1000 notes through RBI on the basis of declaration;
Till Nov 11 midnight, hospitals will accept Rs 500 & Rs 1000 notes and on basis of prescription can buy medicines from drug stores on hospital shops;
Govt buses ticket booking counter, airlines will accept them for booking tickets till Nov 11 midnight;
Petrol & CNG outlets, crematoriums, international airports will also have leeway to accept Rs 500 & Rs 1000 notes till Nov 11, Non-cash transactions (cheques, demand draft, card payments) not to be affected,
ATMs to be closed on Nov 9 & 10. All banks closed on Nov 9 for public transactions. These are new 500 and 2000 note which are going to launch shortly.
The big step to end black money in the country – this will follow with removal of 1000 rupee note
RBI to issue ₹2000 Rupees Notes coming February 2017
Not just a piece of paper There is much more in this note Read the full content of this message
India is all set to add one more denomination to its currencies shortly. The Reserve Bank of India (RBI) will be issuing Rs 2,000 currency notes, the highest to come into circulation, even as some experts feel7 high-value denominations should be discontinued to curb black money.
The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)
How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note
How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
Just a beginning of the end of black money in India