New Delhi –
- PM Modi announced yesterday night that from 8th midnight after 12AM all 500 and 1000 notes are banned to eradicate black money and its circulation.
- He gave 50 days till December 30 to bring back the old notes and instead banks or post office will give new notes or can deposit in your accounts.
- To avoid black money and fake currency, RBI introduced new notes of 500 and 2000 which are made with nano technology which cannot be faked.
- These new notes are available from 10th November in all banks and post offices.
- Initially from 10th 2000 can be drawn from ATM’s and later it will be raised to 4000.
- According to officials, There will be 6.7 billion pieces of 2000 and 16.5 billion of 500 notes circulation from 10th November.
- Banks are also working on 11th and 12th for circulation and exchange of old notes.