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500 and 1000 rupee notes declared illegal from midnight tonight
ATMs all over the country will not function on 9th and 10th of November
The Dollar Business Bureau
The PM in a bid to curb black money has declared that from midnight Rs 1000 and Rs 500 notes denomination will cease to be legal tender.
In a televised address to the nation the PM said, " "You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office," PM Modi told the nation in a televised address. People can deposit notes of #Rs1000 and #Rs500 in their banks from November 10 till December 30, 2016," he added.
ATM's all over the country will not function on 9th and 10th of November, 2016.
This is an unprecedented move by the Govt to curb the menace.
The PM said that although the existing notes would be "worthless", members of the public would be able to exchange them for new bills at banks until the end of the year.
"This is a very important step. This decision shows that the government has no tolerance for black money," Central Board of Direct Taxes Chairman Sushil Chandra told PTI
He said the I-T department and the CBDT are working out modalities of the role that they will "specifically" play in the aftermath of the decision made wherein Rs 500 and Rs 1,000 currency notes are not a legal tender from today.
Sources in the department said the taxman would be keeping an eye on remittances made using the two currency notes, beyond a certain threshold.
The department would work in close coordination with banks and the Financial Intelligence Unit to keep an eye on suspicious transactions resulting after the de-monetisation of the two big currencies, they said.
"This is a very important step. This decision shows that the government has no tolerance for black money," Central Board of Direct Taxes Chairman Sushil Chandra told PTI
He said the I-T department and the CBDT are working out modalities of the role that they will "specifically" play in the aftermath of the decision made wherein Rs 500 and Rs 1,000 currency notes are not a legal tender from today.
Sources in the department said the taxman would be keeping an eye on remittances made using the two currency notes, beyond a certain threshold.
The department would work in close coordination with banks and the Financial Intelligence Unit to keep an eye on suspicious transactions resulting after the de-monetisation of the two big currencies, they said.
"Only a tax free economy can eradicate corruption, as it will leave no motivation for tax ..
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