ON SOCIAL MEDIA, FOLLOWING INFO CIRCULATED ABOUT THIS PROCESS :
*500 and 1000 rs notes cease to be legal tender from midnight tonight*
1. A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
2. Banks will be closed on November 9(tomorrow)
3. There is no restrictions on internet banking, cash, demand draft transactions.
4. Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
5. There are, however, some exemptions. Government hospitals and international airports.
6. The ATMs will not function till November 9, and in some places till November 10.
7. People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
8. These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
9. From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. "These notes are just papers from tomorrow," says the prime minister.
10. Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
*RBI to issue ₹2000 Rupees Notes coming February 2017*
India is all set to add one more denomination to its currencies shortly. The Reserve Bank of India (RBI) will be issuing Rs 2,000 currency notes, the highest to come into circulation, even as some experts feel7 high-value denominations should be discontinued to curb black money.
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
[As per the information from news agencies]
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