Rs 500 and Rs 1,000
banned, new Rs 2,000
note to be out on 10
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.
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
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
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)
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
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.
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