India Banned Rs. 500 & Rs. 1000 Good or Bad: Indian Prime Minister Mr. Narendra Modi has settled on a strict choice of banning consistent Rs. 500 and Rs. 1000 notes from today midnight and the same cannot be used for any transaction. The notes of Rs 100, Rs 50, Rs 20, Rs 10 and all running coins of all denominations will remain continue and will not be affected. Mr. Modi told that corruption and terrorism is also a result of the black money. Terrorists are spreading Counterfeit Indian Currency Notes. The reason behind it to stop the corruptions, terrorists attack and find out Black Money, which is not been declared within the given time by the Government of India.
One can deposit all these notes in banks as well as in Post Office from Thursday (10/11/2016). Indian government trusts that by taking this step they can hit Black Markets and corruptions down and no any person would be slightest flow of black money and misrepresentation would not happen. Government said that cheques, Mobile Wallet, e-transactions and debit cards/Credit Cards transactions will be persist. All electronic transactions of companies’ business firms and individuals will persist.
Why This Scheme Initiated
Prime Minister said that Rs. 500 and Rs.1000 notes are frequently used in uncounted money. As per anticipation there is lots of counterfeit Indian Currency Notes has expanded and for common man, it’s very tough to find out that the notes they have are genuine or not. There are no security include has been planned. These fake notes are utilized against national and unlawful exercises. It can be used by terrorist also to make unwanted activities in India. These Fake Notes can hamper Indian economy as well. Government has made a strong chance to tidy up the system.
What to Do with Old Notes
According to Prime Minister Announcement Account holders will be able to deposit Rs 500 & Rs 1000 notes in the Banks & Post Offices till the December 30th 2016 along with proof of identification which are Aadhaar Card and PAN Card. All the Banks will also remain closed for the public on 9th November and some where 10th November also to get prepare to provide the new Notes for future transactions. All the ATMs will not be in use on 09th and 10th November to make possible the replacement process of old notes. Banks has advised to open additional counters and effort for additional hours to covenant with the rush of common people going to bank for deposit or change their Rs 500 and Rs 1000 notes.
Where to Deposit the Notes
You can deposit your money in your Bank account and Post offices with valid Government Id Proof like Aadhaar Card, Pan Card, and Voter Id Card till 30th December 2016. A Person not capable to deposit Rs 500 and Rs 1000 notes till 30th December 2016 can deposit in RBI offices till 31st March 2017only after filling a declaration form along with valid ID Proof and motives.
How to Exchange the Notes
If a person have less numbers of notes then they can exchange Rs 500 and Rs 1000 notes in lower division coin/notes at assigned banks and post offices on creation of substantial government Id cards like Aadhaar Card, PAN Card, and Election Card from 10th November 2016 to 24th November 2016 with a limit of Rs 4000 in a day.
How to withdraw the Money
A person will be able to withdraw the money by cheques from 10th November 2016. After the ATMs are functional, people can withdraw from ATMs a maximum of Rs 2,000/- per card in a day since 18th November, 2016 and the limit will be increased to Rs 4000/- per card in a day since 19th November 2016 onwards. Customers will be able to get Rs 500 and Rs 2000 notes very soon. Money withdrawals from Bank accounts have been fixed to Rs 10,000 in a day & Rs 20,000 in a week. This boundary shall be increased in the coming few days.
Places Still Taking Rs 500, Rs 1000 Notes
As per announcement one can use old Rs 500 and Rs 1000 notes till 11th November 2016, these are the government-certified spots which are still accepting Rs 500 and Rs 1000 notes:
- Consumer co-operative stores
- Milk booths
- Diesel, Petrol, & Gas Filling Stations.
- Airline, Railway, and Bus Ticket Booking Counters
Process for Non Account Holders
You can exchange your notes from authorized bank counter and post office with a limit of Rs 2000 in a day. If you have large numbers of Notes then you ought to visit the nearest bank branch and open an account. Once account will come in operation you can deposit your valuable money in your account. Here is one thing is very important that you must carry the photo identity proof for any transaction.
Conclusion of Blocking the Rs 1000 and Rs 500 Notes
This process will automatically decrease black money and go ahead to more financial addition. There are also so many places where it will bring down like Elections, Hawala Transactions, Block the Counterfeits Currency, Smuggling & Unlawful Trade, Bribe to Government Officials, Terrorist Activities, and Child labor & Kidnapping. We can understand that these steps will be definitely very effective for Indians and Indian Economy as well.