Prime Minister Narendra Modi declared that currency notes of the Rs.500 and Rs.1000 will not be valid from midnight on November 8,2016 on Tuesday. Citizens will have to surrender the notes at banks and post offices, they have 50 days to submit their currency.
He further said government hospitals will accept the ₹500, ₹1000 notes till November 11.
₹2000 currency note is launched. For 72 hours, until Nov 11, all government hospitals will accept old of ₹500 and ₹1000 notes. There will be no change in any other form of currency exchange be its cheque, DD, Payment via credits or debits cards, online payment.
Modi announced that cash withdrawals in ATM’s across the nation will be limited to ₹2000 per day. ₹1200 crore black money is said to be sealed by a bank.Chemists, crematoriums to accept 500, 10000 notes till Nov 11. Exchange limit weekly ₹20000
All Bank and ATM’s will not work on Nov 9 or may be till Nov 10. Debit card and credit card will be working. The change in ₹500 and ₹1000 will be the change in banks and P/O and till 30 Dec 2016. Exchange possible will be done up to ₹4000 till Nov 24, 2016.
No checks and Non-Cash payments, No online transferring.
Banker will be trained in 6 months. RBI to issue midnight. ₹2000 limit of the transaction in ATM’s.
₹114 Cr black money to be counted GDP. ₹112 Cr black money to be declared. ₹1300 Cr black money unearth from Overseas Bank Accounts.
The unique feature of the NGC is it doesn’t 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 can’t is tampered with or removed without damaging the currency note.
How will this help eradicate black money menace?
Since every NGC embedded 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