Indian Government under Prime minister Sri Narendra Modi has banned currency notes of 500 and 1000 denominations on the mid-night of November 8, 2016. From November 9, 2016 onwards all 500 and 1000 Indian currency notes became invalid.
New Indian currency note has been released by RBI and is now available in all Indian Banks & ATMs.
People can use old notes with denominations 500 and 1000 only for some transactions till some more days. Bank will accept deposit & exchange of old notes for new under some rules and policies.
Old currency notes are now not accepting in any shops, institutions, organisations, government offices, companies and even by common people. This created chaos among people.
All ATMs in India are now crowded with people for taking new Indian currency notes. Below You can see a picture worth 1000 words.
Some FAQs regarding Currency ban in India
Here are some frequently asked questions that we received from people regarding currency ban in India.
Do 500 & 1000 rupees ban affect used cars market in Kerala?
Yes, like any other business it will affect used cars business. Used cars business will be down for some days as government applied restrictions in money.
Do you think this currency restriction is a good decision taken by Modi & Indian Government?
Yes, it is really a good decision taken by Indian government under Narendra Modi to restrict black money market and to improve the economical status of India.
Do we have to support currency notes ban decision?
Yes, all of we must support Indian Government’s decision to wipe off black money in India and fund for illegal activities.
Stay tuned for more updates.