PM Modi declares war on black money, says Rs 500 & Rs 1000 currency notes will not be legal tender from midnight tonight
Prime Minister Narendra Modi is addressing the nation.
Highlights of PM Modi's address to the nation -
# Rs 500 & Rs 1000 currency notes will not be legal tender from midnight tonight.
# You have a time period of 50 days to submit your currency notes of 500 and 1000 in the nearest post offices & you needn't rush for this.
# Old Rs 500 and Rs 1000 notes can be deposited in any bank or Post Office from November 10 to December 31.
# On November 9 and in some places November 10, ATMs will not work.
# Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight.
# You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office.
# For 72 hrs, until Nov 11 midnight special arrangements made. All govt hospitals will accept old 500 & 1000 notes.
# Currency notes of #Rs1000 and #Rs500 will be just paper with no value.
# Rs 500, Rs 1000 notes to be accepted at hospitals till November 11. For some time rail, bus and airline counters will accept them too.
# Currency notes of 100, 50, 20 & all other coins are vaild, there is no stoppage on their circulation.
# These notes should be exchanged in banks and post offices within December 30, 2016.
# Some ATMs won't work on November 9 & 10.
# For 72 hours (till November 11, midnight), Rs 500 & 1,000 currency notes would be acceptable in the hospitals.
# CNG gas stations, petrol pumps and retail outlets can also accept notes till Nov 11 midnight, but they will have to maintain records.
# There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
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
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