Old Rs. 500, Rs. 1000 notes illegal from midnight:Modi Says Rs. 500 And Rs. 1,000 Notes Being Discontinued

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Today A news is Going viral,  Saying That Prime Minister Narendra Modi Has Discountunied Old Rs. 500 And Rs. 1000 Notes ,After midnight all Notes Of rs. 500 And 1000 Will be illegal < RBI Released Rs. 2000 Notes . So After The Given Time Period Only rs . 2000 notes Can be used . As NDTV News Says :

Prime Minister Narendra Modi, addressing the country tonight, announced that Rs. 500 and Rs. 1000 notes will not be used from midnight onwards. The Rs.500 and Rs. 1000 notes must be deposited at post offices and banks by the end of December, the PM said, adding the move was essential to fight “the disease of black money.” A proposal for new Rs. 500 and Rs. 2,000 notes has been cleared by the Reserve Bank of India.

 

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Source : NDTV
Source : NDTV

Those who have Rs 500 and Rs 1000 notes will have 50 days to deposit them into a bank. The announcement comes following a crack down on black money by the Modi Govt in which it has reportedly recovered Rs 1.25 lakh crore black money. Black money was a major election plank for PM Modi when he was fighting the 2014 elections.

This News Is Become Viral Within 20 Minutes and Now No body Accepting The Money While Modi Gave Time Of 50 Days For Exchange Of Old Notes .

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What To Do next :

 

  1. Change them at the bank or post office from November 10 to December 30
  2. Take Aadhaar card and Pan Card when you go to exchange these notes
  3. After December 30, these can be changed at the Reserve Bank with a declaration
  4. Tourists can change the notes at airports

New Rs.2000 note:

new-2000-note_759_twitter

why RBI is issuing ₹2000 Rupees Notes

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)

How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation

Just a beginning of the end of black money in India

Source : NDTV News

indiatimes.


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