-Dev Ankur Wadhawan
Prime Minister Narendra Modi has, in a major announcement, declared that notes with denomination of 500 and 1000 will not be legal tender from midnight tonight. This, he mentioned, has been done to fight against the menace of black money and fake currency plaguing the country. The Government’s move has been hailed by several as a decisive one in the fight against black money. The PM had claimed on several ocassions in the past that his Government will fight against the menace of black money. This bold decision is being seen as the first major step to be taken by his Government against black money. It is being anticipated that the move, by putting a check on unaccounted wealth, can lead to fall in real estate prices.
As a result of PM Modi’s big announcement, long queues of people wanting to withdraw notes of smaller denomination were witnessed outside ATMs.
The key take – aways include:
# Rupees 500 and Rupees 1000 notes will not be valid legal tender from midnight tonight.
# Rupees 500 and Rupees 1000 notes can, however, be accepted at Railway stations, Bus stands, Airports, Hospitals till the 11th of November.
# People can deposit their Rupees 500 and Rupees 1000 notes at the Banks till the end of 50 days from the 10th of November.
# Banks will remain close on the 9th of November.
# ATMs will reportedly remain close on the 9th and the 10th of November.