500 and 1000 Rupees banned in India. India’s prime Minister Mr. Narendra Modi government on Tuesday withdrew the 500 and 1000 rupees notes out of circulation. This is a major move against black money.
Before the announcement:
As far as known, only the Prime Minister and two more people knew about this major move. Prime Minister Mr. Narendra Modi gave numerous chances to submit all the black money. Also, he gave permission to open an account at zero rupees.
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Prime Minister Mr. Narendra Modi announced this ban at about 8:00 pm. The Government announced that one can withdraw a maximum of rupees 2000 from his account. Also, they set a limit of rupees 20000 per week and an exchange of rupees 4000. But today these all limits has been raised, ATM withdrawal from 2000 to 2500, Exchange from 4000 to 4500 and per week withdrawal from 20000 to 24000.
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Medicine shops will accept the notes the hospitals will also accept the notes. Petrol pumps, railways all will accept the notes.
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After the announcement:
As the announcement was made at about 8:00 pm so, people were all tensed and chaos was seen all over the country. The Government gave 50 days time span to exchange the old money with the new one. Though they gave 50 days still there was a huge rush of people. People rushed towards nearby petrol pumps to fill in their motor tanks. They rushed toward shops to buy things in order to exchange 500-1000 with 100.
How do the new notes look like:
The old 500 rupees notes were of yellowish color but the new notes will be of green in shade. 1000 rupees notes were of red shade and the newly introduced 2000 rupees notes is of pink color.
Problems faced by citizens:
Since this is a great move, the citizens are facing a lot of problems.
Though the Government gave time for exchange, people are rushing toward their banks in order to exchange their money. Also, the shopkeepers are not accepting the notes as they will also have to rush toward the bank.