{"id":1948,"date":"2016-11-09T01:38:12","date_gmt":"2016-11-08T20:08:12","guid":{"rendered":"http:\/\/yourcareerheights.com\/?p=1948"},"modified":"2016-11-15T07:50:00","modified_gmt":"2016-11-15T02:20:00","slug":"government-of-india-bans-rupee-500-rupee-1000-notes-wef-8th-nov-2016","status":"publish","type":"post","link":"https:\/\/yourcareerheights.com\/?p=1948","title":{"rendered":"Government of India Bans Rupee 500 & Rupee 1000 notes wef 8th Nov 2016"},"content":{"rendered":"
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Summary of the important announcement regarding Banning of 500 & 1000 Rupee Note :<\/p>\n

1. Black money issue, 500 rupees and 1000 rupees banned from Midnight.<\/p>\n

2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.<\/p>\n

3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.<\/p>\n

4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.<\/p>\n

5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.<\/p>\n

6. No changes in online, card, cheque or any other plastic money transactions.<\/p>\n

7. 9th November, banks wouldn’t be available for public banking services.<\/p>\n

8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.<\/p>\n

9. This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.<\/p>\n<\/div>\n

\n
\n

Government of India
\nMinistry of Finance
\nDepartment of Economic Affairs
\n*******
\nPress Release
\nWith a view to curbing financing of terrorism through the proceeds of Fake
\nIndian Currency Notes (FICN) and use of such funds for subversive activities such
\nas espionage, smuggling of arms, drugs and other contrabands into India, and for
\neliminating Black Money which casts a long shadow of parallel economy on our
\nreal economy, it has been decided to cancel the legal tender character of the High
\nDenomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI till
\nnow. This will take effect from the expiry of the 8th November, 2016.
\n2. Fake Indian Currency Notes (FICN) in circulation in these denominations
\nare comparatively larger as compared to those in other denominations. For a
\ncommon person, the fake notes look similar to genuine notes. Use of FICN
\nfacilitates financing of terrorism and drug trafficking. Use of high denomination
\nnotes for storage of unaccounted wealth has been evident from cash recoveries
\nmade by law enforcement agencies from time to time. High denomination notes are
\nknown to facilitate generation of black money. In this connection, it may be noted
\nthat while the total number of bank notes in circulation rose by 40% between 2011
\nand 2016, the increase in number of notes of Rs.500\/- denomination was 76% and
\nfor Rs.1,000\/- denomination was 109% during this period. New Series bank notes
\nof Rs.500\/- and Rs.2,000\/- denominations will be introduced for circulation from
\n10th November, 2016. Infusion of Rs.2,000\/- bank notes will be monitored and
\nregulated by RBI. Introduction of new series of banknotes which will be distinctly
\ndifferent from the current ones in terms of look, design, size and colour has been
\nplanned.
\n3. The World Bank in July, 2010 estimated the size of the shadow economy for
\nIndia at 20.7% of the GDP in 1999 and rising to 23.2% in 2007. There are similar
\nestimates made by other Indian and international agencies. A parallel shadow
\neconomy corrodes and eats into the vitals of the country\u2019s economy. It generates
\ninflation which adversely affects the poor and the middle classes more than others.
\nIt deprives Government of its legitimate revenues which could have been otherwise
\nused for welfare and development activities.<\/h3>\n<\/div>\n<\/div>\n
<\/div>\n<\/div>\n
<\/div>\n \n","protected":false},"excerpt":{"rendered":"

Summary of the important announcement regarding Banning of 500 & 1000 Rupee Note : 1. Black money issue, 500 rupees and 1000 rupees banned from Midnight. 2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only. 3. All Residents have option till 30th December 2016, to deposit…<\/p>\n","protected":false},"author":1,"featured_media":1652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[75,38,160,52,10,193,37,120,189,121,20,71,51,139],"tags":[59,3,112,35,11,53,194],"class_list":["post-1948","post","type-post","status-publish","format-aside","has-post-thumbnail","hentry","category-atm","category-banking","category-currencies","category-deposits","category-economy","category-fake-currency","category-finance","category-finance-ministry","category-financial-planning","category-kyc","category-legal","category-payment-systems","category-savings","category-treasury-management","tag-atm","tag-banking","tag-currency","tag-economy","tag-finance","tag-savings","tag-terrorism","post_format-post-format-aside"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/yourcareerheights.com\/wp-content\/uploads\/2016\/07\/500-notes.jpg?fit=636%2C440&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts\/1948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1948"}],"version-history":[{"count":3,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts\/1948\/revisions"}],"predecessor-version":[{"id":1953,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/posts\/1948\/revisions\/1953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=\/wp\/v2\/media\/1652"}],"wp:attachment":[{"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yourcareerheights.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}