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People friendly measures to minimize inconvenience, government ban 500 and 1000 rs notes

  1. For 72 hours, government hospitals will continue to accept old Rs 500 & Rs 1000 notes for payment.
  2. For 72 hours, railway ticket booking counter of government buses and airline ticket counters of airports will the old notes for purchase of tickets.
  3. For 72 hours, old rs 500 and rs 1000 not will be accepted at
    1. Petrol, diesel and gas stations authorized by public sector oil companies.
    2. Consumer co-operative stores authorized by state or central government
    3. Milk boots authorized by state governments.
    4. Crematoria and burial grounds

This can be termed as the most unprecedented move in the history of independent India; Prime Minister Narendra Modi on Tuesday added a surgical strike against black money by announcing that the currencies in the denominations of Rs 500 and Rs 1,000 will be invalid when the clock strikes 12 midnight of 8 November.

The demonetisation of Rs 1,000 and Rs 500 notes is a major assault on black money hoarders, fake currency, and corruption.

In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1,000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper."

He also announced that new notes of Rs 2000 and Rs 500 will be introduced.

However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.

ATM withdrawals will be restricted to Rs 2,000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.

Banks will remain closed on Thursday and ATMs will also not function tomorrow and day after, Modi said.

He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time.

He also expressed confidence that political parties, workers, social organisations and the media will go further
than the government in making it a success.

Modi, however, clarified that the citizens will be able to deposit old notes of Rs 500 and Rs 1,000 at post offices and banks of their choice.

"The public will have 50 days time between 10 November and 30 December to deposit old notes of Rs 500 and Rs 1,000 after showing a proof of identity," he said. The accepted POI documents include Pan Card, Aadhaar Card, Voters ID Card, Driver's License and Passport.

The exchange of old notes, however, will be limited to Rs 2,000 between 10 and 24 November, and it will be increased up to Rs 4,000 between 25 November to 30 December.

In his address, PM Modi shared the insight into how the magnitude of cash in circulation is linked to inflation and how the inflation situation is worsened due to the cash deployed through corrupt means. The Prime Minister added that it adversely affects the poor and the neo-middle class people. He cited the example of the problems being faced by the honest citizens while buying houses.

The very first decision of the Modi-led NDA government was the formation of a SIT on black money.

A law was passed in 2015 on disclosure of foreign bank accounts. In August 2016, strict rules were put in place to curtail benami transactions. During the same period a scheme to declare black money was introduced.

Surely this should be the turning point in India, with expectation that people will no longer be holding black money.