Demonetization in India

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The government of India recently took a bold step to demonetize Rs 500 and Rs 1000 currency, which means that the legal tender of currency units is declared invalid from the specified date. Demonetization of the currency means discontinuity of the said currency from circulation and replacing it with a new currency.

Most of the people hailed Modi’s strong decision, while the poor were shocked by the move. The overnight decision changed the life of many as black money holders were worried about the pile of cash they were sitting on. Many poor daily wage workers were left with no job and income as owners were unable to pay their daily wage.

Revised banking hours Exchange amount Withdrawal in bank Deposit in bank Withdrawal in ATM Deposit in ATM
10:30-4:00 100000 3000 123456 162763 23235
10:30-4:00 465898 60000 789000 123456 6789
10:30-4:00 23890 3859 6788 2345 345767
11:00-2:00 50000 7666 3456 7890 97765
11:00-2:00 571900 4567 34890 5678 24346
11:00-2:00 3547589 23456 12356 343456 9764

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