All about Rs 500 and 1000 Note Ban in India Currency illegal Black Money Out in India PM announces Rupees five hundred and one thousand notes illegal.
So now i will discuss all about the 500 and 1000 Rupee Note Ban in India. Some people are criticizing the immediate imposition of Ban on transaction with these Notes. But here i am going to share my views about this ban.
All about Rs 500 and 1000 Note Ban in India:
The PM Narendra Modi has addressed the nation on Tuesday. The PM Modi has started his speech with this blast.
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money.
India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
Also Read: How can you exchange your Old Notes.
What is this scheme?
The legal tender character of the notes in denominations of Rs 500 and Rs 1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.
How much value will I get?
You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
Can I get all in cash?
No. You will get upto Rs 4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.
Why I cannot get the entire amount in cash when I have surrendered everything in cash?
The Scheme of withdrawal of old high denomination(OHD) notes does not provide for it, given its objectives.