Government has announced that the new “high-security” currency – Rs. 500 and Rs. 2,000 notes – will be available in ATMs on Friday. Limited printing is on and we will pump them to the banks and through them to the ATMs but everything will be accountable and banks will be responsible to note down the details of people- who are taking how much, Finance Secretary Ashok Lavasa said.
New bills for Rs. 500 and Rs. 2,000 are being printed and will be sent to banks. They will be in limited supply initially, necessitating a cap on how many are available to an individual. Starting Friday, people can swap old notes for new for upto Rs. 4,000 (the limit will be removed on the 24th).
PM Modi’s move is also expected to overhaul the large real estate sector, where property is bought and sold using undeclared or black money. Banks are closed today while they prepare for the transition. Largely, though, the initiative has been praised for its bold attempt to reform the black market.