The new notes of 500 and 2000.. jugadpani exclusive

                            *****About new notes******

Indian Prime Minister Narendra Modi on Tuesday announced that 500 and 1,000 rupee banknotes would be withdrawn from circulation at midnight to crack down on rampant corruption and counterfeit currency.

The surprise move was designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy, as well as hit the finances of militants who target India and are suspected of using fake 500 rupee notes to fund operations.

"Black money and corruption are the biggest obstacles in eradicating poverty," Modi said in a hastily convened address to the nation after a cabinet meeting.

Nearly 40 percent of India's economy is driven by small- and medium-sized enterprises that largely run on cash transactions. Economists said the move could impact these businesses, and in turn have a knock-on effect on economic growth.

There was concern among members of the public about changing larger denomination banknotes for new ones once they expired.

Around a dozen people lined up to use an ICICI cash deposit machine in suburban Mumbai soon after the announcement, trying to deposit bundles of 500 and 1,000 rupee notes.

The machine stopped working after 10 minutes. Only two customers managed to deposit their money, and a security guard informed the rest that the cash dispenser has reached its limit and would not accept any more.

"This is not a good step for business. The prime minister did not think about people like us."

Limit on withdrawals

ATMs: Rs 2,000/day

Banks:     Rs 10,000/day; Rs 20,000/week

No cap on cashless transactions
    No restrictions on non-cash payments by cheques, demand drafts, debit/credit cards, e-fund transfers
    Those with medical prescription can buy medicines from chemists with old notes till November 11
    Fuel stations and retail outlets (kendriya bhandar) to accept old notes till Nov 11, but with customer record

    No restrictions on non-cash payments by cheques, demand drafts, debit/credit cards, e-fund transfers
    Those with medical prescription can buy medicines from chemists with old notes till November 11
    Fuel stations and retail outlets (kendriya bhandar) to accept old notes till Nov 11, but with customer records. 

  features of new note

    Here are some features of the new bank notes of Rs. 500 denomination, as per the RBI:    New Rs. 500 notes are different from the present series in colour, size, theme, location   of security features and design elements.   Size of new note is 63mm x 150 mm    Colour of the note is stone grey    The predominant new theme is Indian heritage site – Red Fort   .A Nano GPS Technology Chip is Embedded in it.    Here are some features of the new bank notes of Rs. 2,000 denomination, as per the    RBI:Rs. 2,000 notes will be part of Mahatma Gandhi (New) Series    New Denomination has motif of the Mangalayan on the reverse, depicting the country’s    first venture in interplanetary space    Base colour of note is magenta    Note has other designs, geometric patterns aligning with the overall colour scheme  .  Size of the new note is 66 mm x 166 mm.