This has come as a shock for the citizens of the country that the currency notes of Rs 500 and Rs 1,000 have been made illegal from 9th November midnight in a speech which took place on 8th November evening.
It is said that the action has been taken to fight against the issue of corruption,black money which has weakened the country’s economic growth. To make you understand about the event here is the timeline through which your whole doubts will be made crystal clear.
Timeline of the event
8:00 pm : Sharp 8 o’clock Prime Minister Narendra Modi started addressing the nation.
8: 01 pm : When we were chosen in 2014, there was an examination that among BRICS countries, the “I” was wobbling, says the PM.
8: 02 pm : Yet, in the last two and a half years with the support of 125 crore Indians, India has become the “bright spot” in the global economy.
8: 03 pm: In this development our main motto is been ‘Sab Ka Saath Sab Ka Vikas’ This Government is devoted to poor people. Also it will stay devoted to them.
8: 04 pm : In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress.
8 :05 pm : In this past decade’s, phantom of corruption and black money is growing which have weakened the effort of poverty.
8:06 pm: We hear about poor auto-rickshaw drivers returning gold ornaments left in the vehicles to their rightful owners.
8:07 pm : Then the PM Modi, moves to terrorism topic in which he addresses that enemies from across the border run their operations using fake currency notes.
8:10 pm : Corruption, black money and terrorism can come in the way of a country’s economic growth, says the Prime Minister.
8:11 pm : Prime Minister added that Rs 500 and Rs 1,000 notes are mostly used in the black money.
8:15 pm: To break this evil called corruption and black money, we have decided that Rs 500 and Rs 1000 currency notes which are presently in used will no longer be legal from midnight today.
8:20 pm : These notes should be exchanged in banks, head post offices and sub- post offices before 30th December 2016, with following documents of identity proofs such as Adhaar card voter card, ration card, passport, PAN card or other approved proofs and then you can exchange your old currency notes with new ones.
8:22 pm: ATM will remain closed on 9th November and on some places it may extend till 10 November 2016.
8:25 pm: In the first few days, there will be a limit of two thousand rupees per day per card which will be raised to four thousand rupees later.
8:27 pm: During this situation Government hospitals will continue to accept five hundred and thousand rupee notes for payment.
8:30 pm: Till the midnight of 11th November railway tickets booking counters, government bus ticketing counters, airport counters will surely accept the old notes for the transactions.
8:31 pm: For last 72 hours old notes will be made accepted at Petrol, diesel and CNG gas stations, Consumer co-operative stores, state governments authorized milk booths
8:32 pm: There will be no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
8:34 pm: In this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our country will also support to vanish that black hole from the nation?
8:53 pm: Govt hospitals will accept the old Rs 500 notes for 72 hours.
9:15 pm: This is a powerful measure to combat terrorism. Govt. has taken many measures in last two years. This will go a long way. Fake currencies corrode economy, says Economic Affairs Secretary Shaktikanta Das
9: 21 pm: RBI shows the demi notes of new Rs. 500 and Rs. 2000 notes which will be issued from 11th November.
9:37 pm: Within this timeline, cheques, debit cards, e-transactions will be continue. All electronic transactions on account of business firms, companies and individuals will continue in the new two days: DEA secretary
9:38 pm: There is no restriction of depositing your legal Rs. 500, Rs. 1000 notes for exchange.