7 FACTS YOU SHOULD KNOW AFTER BAN OF RS 500 & 1000 CURRENCY NOTES

Our Honorable Prime Minister Mr. Narender Modi, who is always in limelight for his unique ways of handling the complications, has again taken an electrifying step to curb the menace of black money in our country.  It was a jaw-dropping news for the whole nation when Mr. Narender Modi addressed LIVE on banning currency notes of 500/- & 1000/- denominations after 8th Nov 2016 midnight.  He requested nation to help government in its fight against corruption & black money.

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In a way it was not a sudden attempt. By the government of India regular notifications were being given to public through different ways of media to declare their black money, Now is the time left only to recall it for those who have their lockers & bags full of unaccountable & counterfeit money. This is going to cause a real blow on them when these notes would be just mere pieces of paper holding no worth. On the other hand people need not to worry who have their income declared or are not involved in such activities.

Here are enlisted seven facts you need to know or do in next few days.

  • These currency notes can be exchanged in banks, post offices till December 30th 2016 with a valid ID card like Voter Id, Adhaar card, passport etc.
  • Those who cannot exchange till 30th Dec 2016 can exchange till 31st March 2017 at Reserve Bank of India (RBI) with reason, ID & declaration form.
  • To ease with emergencies of people & to avoid inconvenience old currency notes would be acceptable at certain places (Airports, Government hospitals, Railway & bus ticket reservation counters, crematoriums & cemeteries etc.) till midnight of November 11.
  • New currency notes of denominations 500/- & 2000/– would be issued soon.
  • Cash withdrawal from bank account would be limited to 10000/– & with an overall limit of 20000/– only  until  24th November 2016 whereas ATM withdrawal is limited up to 2000 per day till 18th November 2016 which will be raised to 4000/-per day from 19th November 2016.
  • ATM’s would not work on 9th & 10th November whereas banks will also open on 10th November 2016.
  • There will be no restrictions on online transactions, cheques or any methods of operating account not involving cash.

Lot of activities involves cash transactions hence it is going to affect many in long & short terms.

These are seven sectors which are going to get highly affected by this step as they are based majorly on unaccountable cash flows.  Some of them are slowly eating away the economy of our country, making rich people richer & poor more poorer.

  • Smuggling
  • Terrorism
  • Fake Indian Currency Notes
  • Small Businessman
  • Real Estate
  • Election expenditure
  • Health sector & Education sector

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Here are Seven Short Term Effects of this decision which would be seen in coming days.

  • Increased investment in Gold

gold-investement

  • More shift to plastic money usage & online transactions. Those who have no debit, credit cards would face problems.

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  • Shortage of low value currency notes.

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  • People would face problems in buying things of daily requirement like groceries, petrol etc.

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  • Transactions which were to happen in a day or two would now be ceased & affect the business of people.

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  • There would be queues in Post offices, banks, ATM for coming days.

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  • Stock Market is likely to get affected.

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Apart from all the problem we all will be facing in upcoming days, I personally believe that for a change we can give it a try. So, wait and watch let’s hope for a better INDIA.

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