SB Order No.12/2016 - Withdrawal of Legal Tender Character of existing Rs.500/- and Rs.1,000/- banknotes

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Why RBI is issuing ₹2000 Rupees Notes

Why RBI is issuing ₹2000 Rupees Notes

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 embedded 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

Public Notice by order of CPMG, Karnataka Circle

Historic announcements on ending corruption and black money by PM; Five hundred and one thousand rupee notes will no longer be legal tender from midnight tonight

In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016. 

The Government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation. 

Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today. 

Prime Minister Shri Narendra Modi made these important announcements during a televised address to the nation on the evening of Tuesday 8th November 2016. He said that these decisions will fully protect the interests of honest and hard-working citizens of India and that those five hundred and one thousand rupee notes hoarded by anti-national and anti-social elements will become worthless pieces of paper. 

The Prime Minister said the steps taken by the Government would strengthen the hands of the common citizens in the fight against corruption, black money and counterfeit notes. 

Fully sensitive to some of the difficulties the common citizens may face in the coming days, the Prime Minister has announced a series of steps that will help overcome the potential problems. 

Persons holding old notes of five hundred or one thousand rupees can deposit these notes in bank or post offices from 10th November onwards till 30th December, the Prime Minister announced. There are also some limits placed on the withdrawals from ATMs and bank for the very short run. 

Shri Modi stated that on humanitarian grounds notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds. 

Shri Modi emphasized that there is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 

In his address the Prime Minister shared the insight into how the magnitude of cash in circulation is linked to inflation and how the inflation situation is worsened due to the cash deployed through corrupt means. The Prime Minister added that it adversely affects the poor and the neo-middle class people. He cited the example of the problems being faced by the honest citizens while buying houses. 

A time-tested commitment to eradicate black money 

The Prime Minister has time and again said that the Government is committed to ensure that the menace of black money is overcome. Over the past two and a half years of the NDA Government, he has walked the talk and led by example. 

The very first decision of the Prime Minister led NDA government was the formation of a SIT on black money. 

A law was passed in 2015 on disclosure of foreign bank accounts. In August 2016 strict rules were put in place to curtail benami transactions. During the same period a scheme to declare black money was introduced. 

The efforts have borne fruit. Over the past two and a half years, more than Rs. 1.25 lakh crore of black money has been brought into the open. 

Raising the issue of black money at the world stage 

Prime Minister Narendra Modi has time and again raised the issue of black money at the global forum, including at important multilateral summits and in bilateral meetings with leaders. 

Record growth in last two and a half years 

The Prime Minister said that the efforts of the Government have led to India emerging as a bright spot in the global economy. India is a preferred destination for investment and India is also an easier place to do business in. Leading financial agencies have shared their optimism about India’s growth as well. 

Combined with this, Indian enterprise and innovation has received a fillip due to the ‘Make in India’, ‘Start up India’ and ‘Stand up India’ initiatives that seek to celebrate enterprise, innovation and research in India. 

The historic announcements made by the Prime Minister will add value to the already thriving efforts of the Central Government. 

***

AKT/AK 

Source : PIB, Release ID :153403

All Banks,Post Offices to remain closed on November 9

All banks, Post offices to remain closed on November 9

Prime Minister Narendra Modi on Tuesday announced that all banks and post offices across the nation will be closed on November 9 for public work. He also announced that ₹500 and ₹1,000 notes will no longer be valid starting midnight on November 8. He further said the notes can be exchanged till December 30., 2016

Rs 500 ,1000 NOTES CEASE - TO MINIMIZE INCONVENIENCE

People friendly measures to minimize inconvenience

For 72 hours. Governrnent hospitals will continue to accept old Rs 500 & Rs 1000 notes for payment.

Important - No Financial Transactions Tomorrow in Post Offices

• Tomorrow (09.11.16) no financial transactions to be accepted in the Post Offices.
• only non financial transactions like delivery of mails to be attended.

• No COD delivery
• Notice Board to that effect will be displayed in all post offices

New 500 And 2,000 Rupee Notes That Will Be Issued

he Reserve Bank of India will issue new notes for Rs. 500 and Rs. 2000. Prime Minister Narendra Modi in his address to the nation on Tuesday said that the notes will be circulated soon, RBI has decided to limit the notes with higher value.

The Prime Minister announced that Rs. 500 and Rs. 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become "mere paper".

PM Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.

Rs. 500 will be circulated soon, RBI has decided to limit the notes with higher value said PM Modi

He also said that ATM withdrawals will be restricted to Rs. 2,000 per day till November 11, when this limit may be increased slowly.

The Prime Minister said that the Rs. 500 and Rs. 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof.

Withdrawals from bank accounts will be limited to Rs. 10,000 for the first few days.

The new note for Rs. 2000 will look like this.

Banks have also been ordered to remain shut on Wednesday, he said.

PM Modi said that for medical patients, the old notes will be accepted.

He also said that retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.

The decisions come after a cabinet meeting.

Rs.500/- and Rs.1000/- will no longer be valid from from midnight tonight(08.11.2016) in India

PM Modi says Rs 500 and Rs 1000 notes will be discontinued from midnight tonight

Highlights

1. Old Rs 500, Rs 1000 notes illegal from midnight; new notes to be issued
2. Citizens have 50 days from Nov 10 to return notes at banks, post offices
3. Banks closed to public on Wednesday, some ATMs may not work

New Delhi: 

Prime Minister Narendra Modi, addressing the country tonight, announced that Rs 500 and Rs 1000 notes will not be used from midnight onwards. The Rs 500 and Rs 1000 notes must be deposited at post offices and banks by the end of December, the PM said, adding the move was essential to fight "the disease of black money."

Here are the highlights from his address: 

• Some important decisions and some serious issues to share. 
• When you elected this government in 2014, world was talking about India being shaky economically. But India is now an economic star - this is what IMF and World Bank are saying. 
• Sab ka sarkaar, sab ka vikas - governance and progress for all is our motto. We are focused on empowerment of the poor. A series of schemes we have introduced all aim at this. This is a government for our farmers. 
• Corruption and black money are diseases rooted in this country, they are obstacles to our success. 
• We are among fastest-growing economies, but we also rank so high in global corruption rankings. 
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly. 
• Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly. 
• Our measures to check black money are paying off. A voluntary disclosure scheme for undeclared money saw a good response. A Special Investigating Team is making progress to identify who has sent money abroad. 

• 1.25 lakh crores of black money has been recovered. 
• We need to take a new solid step to fight black money. From now on, Rs 500 and Rs 1000 notes will not be used. Have 50 days to turn them into banks and post offices. 
• On November 9 and in some places on November 10, ATMs will not work. 
• Respite for people for the initial 72 hours, government hospitals will accept old Rs 500 and 1000 notes till 11 November midnight. 
• Petrol pumps and retail outlets will have to keep every single entry of cash transaction with 500 and 1000 notes till November 11. 
• Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till November 11. 
• There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc. 
• Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof 
• Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value