Prime Minister Narendra Modi has launched a frontal attack to curb black money as the government has cancelled the five hundred and thousand rupee currency notes. In a speech to the nation Modi has laid down several steps to minimise public difficulties. Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. Thus people will have 50 days to deposit the notes and there is no need for panic. After depositing the money in bank accounts, people can draw it when they need it. Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days. In this entire exercise, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.

(Economic Times)