India changed unexpectedly Rs. 1000 and Rs. 500 notes to stop corruption

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The decision to withdraw existing 500/1000 denomination currency notes has surprised everyone. Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. Any amount, as long as it is legal, can be exchanged.  But first Banks were scheduled to be closed on November 9 for withdrawing these notes from counters & ATMs. The announcement specified that cheques, debit cards and e-transactions will continue. During this period, banks will take extra precaution. Banks will share info with Income Tax dept. Banks will have video cameras for all transactions.” Counterfeit currencies are being used for financing terrorism. Our security measures have not been breached,. This is a powerful measure to combat terrorism,” Economic Affairs Secretary Shaktikanta Das said. 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, till March 31, 2017.

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