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Big Queues at ATMs, Petrol Pumps Cause Traffic Jams as PM Modi Announces Rs 500, 1000 Notes Invalid

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Big Queues at ATMs, Petrol Pumps Cause Traffic Jams as PM Modi Announces Rs 500, 1000 Notes Invalid

November 09
11:14 2016

lineNew Delhi, Wednesday, November 9 –  As soon as Prime Minister Narendra Modi announced discontinuing of Rs 500 and Rs 1000 notes late yesterday, big queues outside ATMs and petrol pumps of different cities were a common picture.

People were in complete chaos. They anyhow wanted to make use of the currencies they had at their end. Troubles increased at the moment when more than a few petrol pumps started to not accept Rs 500 and Rs 1000 notes. Huge mob was witnessed outside jewelry shops as well. The step is seen as a surgical strike on black money. It is seen as a strong decision on tackling a lot of problems for instance corruption, poverty, black money and terrorism.

On one hand, the move is appreciated by the common people, they worry about the point that all ATMs across the nation will be closed on Wednesday, November 9. Besides this, some may not function in parts of the country on Thursday as well. Banks are also closed today, adding to the confusion amid the masses. Nobody expected that any such step will be taken, effective midnight on November 8, letting Rs 500 and Rs 1,000 notes be no further a legal tender. On the other hand, Rs 10, Rs 20, Rs 50 and Rs 100 remain valid as similar to all coins.

People heaved a sigh of relief to a certain extent post knowing the fact that all cashless transactions like cheques, cards and demand drafts will continue normally. Populace can submit Rs 500 and Rs 1,000 notes from November 10 till December 30 at post offices and banks. A valid identity card like passport, PAN card or Aadhaar card is must for this. People who can’t exchange their currencies by December 30 will be permitted to declare them with the Reserve Bank of India (RBI) by the end of March, 2017.

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