Rs.1000 ban:Why you shouldn't panic
posted on Nov 9, 2016 @ 3:22PM
ATMs ran out of Rs 100 notes within hours of Prime Minister Modi's address to the nation about the ban on Rs.500 & Rs.1000 notes. This in turn led to full-blown alarm among the general public. But most of this panic is unwarranted. While there may be some discomfort - there is nothing to worry for the ordinary pubic. Anyone in possession of a large stash of black money should be worried. In fact, an impact is already being felt in sectors like real estate, where cash transactions make up a significant percentage. There is a wide window available for you to exchange your older notes at the bank. Also, till November 11 midnight, there are a lot places where you can use your stock of Rs 500 and Rs 1000 notes. The government also announced that new Rs 500 and Rs 2000 currency notes will go into circulation starting November 10. So there is nothing for the general public to worry about. All ATMs and other cash machines will remain shut on November 9, 2016 to facilitate recalibration and some may also be shut on November 10.