Prime Minster Narendra Modi took a drastic step to check Black Money by demonetization of Rs 500 and Rs 1000 currency notes. This step is effect from the midnight and makes these notes invalid as a fake currency as well as corruption. According to PM this money is used in Terrorist activities also. But these notes are valid in Govt Hospitals, Railway stations for Ticket Booking and on other emergency areas. When Modi addressed Nation then he explained people that they can deposit notes of Rs 500 and Rs 1000 in the banks and get new notes instead of them from 10 Nov to 30 Dec 2016. ATMs are not working in all over India on Today and Tomorrow. After that first few days you can withdraw Rs 10,000 and 20,000 days. This limit would grow up the upcoming days.
The limit for exchange is Rs 4000 from 10 to 24 Nov 2016. But the limit will go up from 25 Nov to 30 Dec. If someone is not able to deposit their Rs 500 and 1000 notes before 30 Dec then he/she will deposit their notes in Reserve Bank with a declaration form. He said that all lower domination notes of 10, 20, 50, 100 Rs all are valid with all coins are valid. He also introduced two new notes of Rs 2000 and Rs 500. He added there is not a single change in Cheque, DD, Credit Card or Debit Cards etc.
He expressed that banks staff and post offices are matured to deliver new orders of money on time. He shared that he is hopefully think that several political parties, social organizations, media, and workers most importantly common people try to make this step successful.