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Government of India has played a trump card by hitting at so many targets by just one shot demonetizing the two most valued currency notes in India, viz Rs. 500 and Rs. 1000.
Notes of 500 & 1000 banned from 09 November: – On 8th November, Central Government declared that notes of existing series of denomination of Rs. 500 and Rs. 1000 shall cease to be legal tender from the 9th November, 2016.
Government’s new directive that all the 500 and 1000 rupees notes that are currently in circulation will not be considered a legal tender effective midnight ,the 8th November 2016 , has been widely regarded as a historic move to combat the circulation and curbing of Counterfeit currencies.
The PM just announced that Rs. 500 and 1000 currency notes stand abolished from midnight, which is virtually with immediate effect.
Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.
Salient features of the scheme of Withdrawal of Legal Tender Character from existing series of Bank Notes in the denominations of Rs. 500 and Rs. 1000
To break grip of corruption & black money, 500.& 1000 Rs. notes presently in use will not be legal tender from midnight of 8th November 2016.
Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
With policy reforms and Goods and Services tax (GST) becoming a reality very soon, India has bounced back and has ranked 2nd on the optimism index during the third quarter (July-September 2016) in the latest Grant Thornton International Business Report survey.
The seven shades of Indradhanush mission include appointments, board of bureau, capitalization, de-stressing PSBs, empowerment, framework of accountability and governance reforms.