(Rs 2000 Note Introduced) Rs 500 & 1000 Notes Banned in India by PM (Latest News)


By | November 9, 2016
This is one of the biggest decision taken by Indian prime minister Narendra Modi to minimize corruption. Yes, you heard it right! From today midnight 8 November 2016, Rs 500 & Rs 1000 notes will be illegal and you can’t use them in market. Surgical Strike On Black Money.


Except that Rs 500 and Rs 1000 notes, other notes such as Rs 10, Rs 100 will be valid. You should submit your Rs 500 and Rs 1000 notes between November 10 to 30 December 2016 in post offices or in banks using a valid ID such as passport or PAN card. If you are unable to exchanges your money within 30 December 2016 you will be allowed to declare them in RBI till 31st March 2017. You can only exchange Rs 20,000 per week and Rs 10,000 a day.

Government Hospital, International Airport, Government Bus Stand, Railway ticket booking counter will still accept Rs 500 and Rs 1000 Notes till 11th November.

How to Exchange Your Notes: Guide Lines to Exchange OLD Rs.500/1000 Notes

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  1. Go to your nearest Bank or to your nearest post office from 10th November to 30th December
  2. Carry a valid ID proof with you, like your Aadhaar card or PAN card or Voter ID or Passport etc.
  3. Then submit your notes to bank authorities by showing your ID proof.

Note:

  • You can only Exchange Rs 10,000 maximum in one day and Rs 20,000 maximum in a week.
  • There is no restriction on internet banking, demand draft and Cheques
  • ATMs will not function till 9th November and in places till 10th November
  • From 11th November till 24 November 2016 ATMs withdrawal is limited to Rs 2000 only and from bank you can withdrawal Rs 10,000, Max 20,000 Rs per week.
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Why Rs 500 & Rs 1000 Note ban

  • You can deposit your 500 & 1000 Rs notes in nearest bank before 30th December 2016.
  • If you fail to deposit money within time frame, you can still collect money till 31st March 2017.
  • Rest of the currency like 5 Rs, 10 Rs, 50 Rs, 100 Rs will be still valid and you can use it for transaction.
  • Currency exchange using cheque or DD will continue to work as usual.
  • Till 11th November, all government hospitals, railway counters, canteens, airports, major bus depots will accept the 500 & 1000 Rs notes.
  • With this move it is estimated that 1.25 lakh crore worth black money will be recovered.
  • Very soon, 500 Rs & 2000 Rs notes will be circulated. Note that there is no news regarding existence of new 1000 Rs currency.


New 2000 Rs Note Look Revealed

Front site


Back Side 



Notes embedded with GPS sensors, is it true?

It might be rumor as PM Modi didn’t clarified this in his last speech. I saw a message on whatsapp regarding this so I will share here in short.

  • Rs 2000 notes will have NGC (Nano GPS Chips)
  • They are passive meaning doesn’t require external power source for working.
  • It acts as signal reflector and satellite can accurately track note even if it is kept below 120 meters ground.
  • If large amount of notes get tracked, the information will be passed through income tax department and it will be easy to take action against black money.

Why government didn’t banned 100 Rs note?

You know, almost 86% of currency worth has been occupied by 500 Rs & 1000 Rs notes. Means rest of notes like 50 Rs, 100 Rs constitute only 14% of total worth. So changing 86% of currency can have major effect of black money and that is the reason why Indian government banned only 500 & 1000 note.

Tweets Of Prime Minister Narendra Modi For Rs 500 And Rs 1000 Illegal Notes :-

Technology used in New Rs 2000 note to track the money, Rs 2000 Note Technology :-

1) Nano GPS Technology: The rs. 2000 note has nano GPS framework which empower following of this note with some recurrence extend. This might be gossip, in any case i will affirm that later.

2) Strong Paper Quality: Unlike other section more seasoned notes, this note has better sturdiness. This note can without much of a stretch make due for quite a while.
3) One of a kind Designs: The new ₹ 2000 banknotes are not quite the same as the prior indicated monetary order (SBN) arrangement in shading, measure, subject, area of security elements and outline components.

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So this NCG technology in new Rs 2000 note will help in detecting black money because the satellite will be able to track unusually high amount of note in one place and then proper authority will be able to action against such case.