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Introducing red fort and mangalyaan on notes

The Union Government has announced withdrawal of existing Rs. 500 and Rs. 1000 notes from the money circulation in the country, banning it from being a legal tender from 9th November 2016 onwards. In a surprising televised address to the nation by Prime Minister on the evening of 8th November, 2016, it was announced that the Rs. 1000 and Rs. 500 notes will be demonetized with effect from midnight and that from then onwards these notes would just be papers. The Prime Minister further said that people holding notes of Rs. 500 and Rs. 1000 need not worry as they will not lose anything and they can deposit the same in their bank and post office accounts from November 10 till December 30. The notes of Re. 1, Rs. 2, Rs. 5, Rs. 10,  Rs. 20, Rs. 50, and Rs. 100 will continue to remain legal tender and will be unaffected by the decision .  Also, for convenience, 72 hour window will remain open for railway, air, government hospitals, and government bus ticket booking counters which will continue to accept the old notes. Also, the existing notes of Rs. 1000 and Rs. 500 will be accepted till November 11, 2016  at petrol, diesel and gas stations authorised by public sector oil companies, milk booths authorised by States as well as crematoriums and consumer co-operative stores authorised by State or Central government. Starting from November 10, 2016, the Reserve Bank of India will issue new Rs. 500 and Rs. 2,000 notes. The new Rs. 500 note will feature the Red Fort and the new Rs. 2,000 note will feature Mangalyaan . On 9th November, 2016, many banks will remain closed for withdrawing these notes from counters & ATMs.  After ATMs start functioning, a customer can withdraw Rs. 2,000 per debit card which will be increased to Rs. 4,000 later.  The overall limit on withdrawal from banks will remain at Rs. 10,000 a day and Rs. 20,000 a week and this will be increased in the coming days.

This is a major move  at curbing black money and for stopping terrorists and drug cartels.


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