This is an ultimate shocker to every citizen of India. Not just a single person is an exception to this shock irrespective their financial statuses. The Prime Minister of India, Narendra Modi has announced the cancellation of circulation of Rs.500 and Rs.1000 notes. IN order to abolish corruption and black money in India, the PM took this audacious decision. Highlights of his speech are as follows.
* Printing of Rs.500 and Rs.1000 notes will be stopped in mints from tonight.
* People should deposit their aforesaid notes in banks and post offices on or before 31st of December. They should show their identity cards during deposition.
* Above notes will be in circulation in banks, railways and in petrol bunks upto 11th of this month.
* ATMs will remain closed on 9th and 10th of November.
* Withdrawals should be limited to Rs.10,000 per day and Rs.20,000 per week.
* New Rs.500 and Rs.2000 notes will be brought into circulation in market soon.
* There will not be any changes in the online transactions, cheques, DDs, debit cards and credit cards.