New Delhi: “In the next few months, Rs. 1000 notes will also be brought in with a new dimension and design,” stated Shaktikanta Das, Economic Affairs Secretary on Thursday.
Thursday morning marked people across the country clambering to banks to turn in the old Rs. 500 and Rs. 1,000 notes. As per the instruction, the invalid notes will be replaced by 30th December this year and will be received at banks and post offices. They can be exchanged now for a limited amount of new Rs. 500 and Rs. 2,000 notes, which have specific characteristics to deter duplication and follow money laundering. The cap on obtaining the new currency will be raised in two weeks, the government has announced.
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Presenting one of India’s biggest-ever economic upsets, Prime Minister Narendra Modi on Tuesday announced that in an enormous effort to curb black money, Rs 500 and Rs 1000 notes will no longer carry any value and these invalid notes can be replaced by banks, which were closed on Wednesday in order to have the preparation for the transition.
Consumers at banks on Thursday morning complained of long queues and setbacks.
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