#365DaysOfWriting – Day 184

The Announcement

As I write this, our PM just announced that from midnight, tonight, 500- and 1000-rupee notes will be declared illegal. It is a move to curb black money and stop illegal (read: terrorist) transactions that involve large sums of money.

On the surface, it seems like a bold move.

He’s hitting the black money launderers where it hurts most. Will this completely eradicate the black money problem? No way. There’s a long way to go for that. But this is an interesting start. A good start.

I received a WhatsApp message that summarises the whole situation. I reproduce it here verbatim.

1. 500- and 1000-rupee notes are banned from midnight.
2. ATM’s won’t work on the 9th and 10th November.
3. All residents have the option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawals after 11th November will be limited to Rs. 10,000 per day, but for a few days initially it will be Rs. 2,000 only.
5. In emergency situations like at hospitals, chemists, and petrol pumps; for train and airline ticket bookings, old notes may be accepted up until 11th November.
6. No changes in online, card, cheque or any other plastic money transactions.
7. On 9th November, banks won’t be available for public banking services.
8. New notes of 500 and 2000 rupees will be in circulation, mostly from 31st March 2017.
9. This one is not clear, but old notes can be exchanged with the RBI from 31st December 2016 till 31st March 2017.

Make of it what you will!