Indian currency strike by Modi

@yugocean (8432)
India
November 8, 2016 10:10am CST
Indian Prime Minister Narendra Modi, while addressing the country tonight, has abolished Rs 500 and Rs 1000 currency notes from midnight. This is bringing mixed feelings, many people in business are using these currencies, but this is now a shock for them. Also this is hard shock for corrupt officials and fake currency, because this has made Rs 500 and 1000 currency notes as just piece of paper. ATM will not work tomorrow (9th November) and in some places they will not work even in 10th November. Withdrawals is restricted to Rs 2000/day from ATM and Rs 10,000/day to Rs 20,000/week from bank accounts. This is Modi's crackdown on black money, corruption and fake currency. But not problem free. Govt Hospitals, Railways, Govt Petrol Pumps and Gas Stations will continue to accept these currencies for next 72 hours (till 12 PM Midnight of 11 November.) Edit (Time for these was extended to 24 November Midnight) People are allowed to deposit their currency notes of 500 and 1000 to Banks and Post offices till 30 Dec 2016. And those who will not be able to do that, they will be allowed to do so in Reserve Bank of India Office till 31 March 2017.
4 people like this
3 responses
@ms1864 (6978)
• Bangalore, India
8 Nov 16
I just heard this too...i don't know if there are enough Rs 100 notes for everyone to use.
1 person likes this
@yugocean (8432)
• India
8 Nov 16
Even I don't know, this step might be bold to stop corruption/Fake Currencies etc. But this will surely strike the market.
1 person likes this
@ms1864 (6978)
• Bangalore, India
8 Nov 16
Definitely.
1 person likes this
@yugocean (8432)
• India
8 Nov 16
@ms1864 By the way, now in India nobody is interested weather it is Hillary or Trump that was a big news just before Modi's decision
@JudyEv (126015)
• Bunbury, Australia
24 Nov 16
It is good that people are being allowed some time to deposit their notes.
1 person likes this
@yugocean (8432)
• India
25 Nov 16
It will take time for all, but this is important.
1 person likes this
• New Delhi, India
8 Nov 16
I don't know about others I'm very happy
1 person likes this
@yugocean (8432)
• India
9 Nov 16
Dr, you still have to accept Rs 500 and 1000 notes, so you will get more patients and Banks will accept the notes easily then till 30 Dec, or RBI till 31st March. Happiness is - doing business