500 and 1000 Rupees notes banned and from today it will not be legal tender anymore. Yes, that is just a piece of paper now it can’t be used to buy anything. Know more about this ban below and how to exchange your old notes below.
Prime Minister Narendra Modi announced yesterday night that 500 Rs and 1000 Rs are no longer legal tender.
Banks will remain closed on 9th November, New currency notes for exchange will be available from 10th November. You can change your current note from any Bank or Post Office. None of Bank ATM will work on 9th November.
Why India banned Rs 500 and 1000 notes
This action has been taken to stop corruption, black money and illegal transactions. Now, if you have any amount of money kept with you in the form of 500 and 1000 Rs note then you have to exchange the note with the bank to use that money.
Those people who used to keep crores and crores of black money in home or in other location will not be able to use the money anymore. If they try to exchange the notes, Bank will keep an eye on their accounts and soon Income tax will take them to Jail.
Please give your opinion on this ban in the comment section below.
How to exchange old 500 and 1000 Rupees Notes
- Take your money which are in the form of Rs 500 and 1000 to any Bank from 10th November.
- Deposit all your money in your Bank account.
- Or make an exchange of the notes in any Bank or Post Office.
- Must take your ID card with you. eg. Aadhaar Card/ PAN card/ Voter ID card.
- Your Notes will be exchanged with the new currency notes of 500 and 2000.
Where you can use your old notes (emergency)
- You can use your notes at Hospital, Pharmacies with Doctor prescription.
- Notes will be accepted at Petrol pumps, Milk booths and government co-operative stores.
- You can use it to book Train or Flight tickets at the counter.
- Other emergency measures has been taken care of.
PM Modi speech on 500 and 1000 Ban
PM Narendra modi gave a speech on 8th November to the nation about the ban of old 500 and 1000 notes.
New currency notes of Rs 500 and 2000
This is how the new currency notes will look like. The exchange of old notes in Bank and post office will start from 10th November.
What is nano GPS chip (NGC) on new notes [Fake]
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 embedded 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
Please be calm and wait for 10th November to reopen the Bank and start exchanging your old notes.