The nation came to a standstill after PM Narendra Modi announced that Rs.500 and Rs.1000 would cease to be legal tender from midnight tonight.
People square measure panicking regarding the money, but there’s not a lot of to be distressed regarding. Unless you’ve got stack of outlawed profit your basement.
Here square measure ten things that you simply got to understand the cancellation and the way it’ll have an effect on your life.
— PMO India (@PMOIndia) November 8, 2016
1. Be prepared to stand in queue at the ATM.
Obviously, you will have to run to the ATM if you don’t have 100 rupee notes because after midnight tonight Rs 500 and Rs 1000 notes can’t be used for any transaction. Also on the 9th November and in some places on 10th November, ATMs won’t work.
2. For 72 hours, Government hospitals will continue to accept the old notes for payment
For next three days, the notes will work at the following places
– Railway ticket booking counters
– Milk booths
– Crematoria and burial grounds
– Petrol diesel and gas stations
3. You cannot exchange other people’s cash
As all banks would have CCTV cameras that would monitor the exchange of cash, one has to show their personal ID.
4. Every Rs 2000 currency note is embedded with a NGC (Nano GPS chip)
So that the note can be tracked!
5. No restrictions of any kind on non-cash payments.
People who have their money safe in their savings accounts need not worry about their notes. There would be no restrictions of any kind on non cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
6. In the first few days, there will be a limit of Rs. 2000 per day per card.
This would then be raised to Rs 4000 later.