Rs 500 and Rs 1,000 currency notes banned, new Rs 2,000 note to be out on 10 NovemberREPORT BY:

SAAIM ISRAR

Summary of the important announcements

1. Black money issue, 500 rupees and 1000 rupees banned from Midnight.

2. ATM's wouldn't work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.

3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.

4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only

Important announcements 5. Emergency periods like hospitals and

chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.

6. No changes in online, card, cheque or any other plastic money transactions.

7. 9th November, banks wouldn't be available for public banking services.

8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.

NEWS OF THE NIGHT 10:00PM TO 1:00AM

FROM DELHI

NEWS LINE

Why RBI is issuing ₹2000 Rupees Notes ?

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.

NEW NOTE OF 500

NEW NOTE OF 2000

 Betterment of Economy: When these black/unaccounted money becomes

worthless, the guarantee made by the government/RBI to pay the bearer to the bill goes away. Which means it reduces the liability of the government. This would mean that the value is created which then can be used for better roads, health care, etc etc by printing new notes.Hope you get a slight idea about the positive impact of the move by the government. Feel free to comment if you disagree or agree. It also prevents the use of fake money by the terrorist to carry on their activities in India

Currently how the total Indian currency is divided?

1. Rs.100 Notes = 23% 2. Rs.500 notes = 44% 3. Rs.1000 notes = 24%