Wednesday, 9 November 2016

Demonetization of 500 and 1000 Notes in India by PM Modi: How it will impact on public & economy

On Tuesday midnight, 8th November around at 12PM, PM Modi declared the demonetization of 500 and 1000 notes and twits were preached everywhere before 8pm of the same evening. Modi Fights against corruption will now bring bigger change to the Nation.
Modi has addressed to the Nation that, "The notes of Rs. 500 and Rs. 1,000 will not be legal tender from midnight tonight"; "they will just be a worthless piece of paper". In addition to this, Government has announced its plans on introducing a new set of 500 and 2000 notes in next few months.
This decision has got acknowledgement by eminent peoples of the Nation. Yoga Guru Ramdev Baba has also twitted his thoughts on this matter. This will curb the flow of black money in India. The public inspired news is spreading World over to support Currency ban and Modi Fights Corruption.
Banks will be closed today for public and ATMs will be closed on 9th and 10th November. To avoid hugely inconvenience for public, petrol pumps, hospitals, Medicine stores, government banks and certain retail shops will accept the existing 500 and 1000 notes for next 72 hours. Also, travel and tourist counters will accept the notes from public to minimise the issues.
New notes of 500 and 2000 currency notes will be issued by the Reserve Bank of India from 10th November.
How will Common India be impacted by this move?
1. The government has given 50 days of the time, from 10th November to 30th December to exchange the existing 500 and 1000 notes at post offices and banks.
2. Those are unable to deposit the existing notes will be able to do so at The Reserve Bank of India up till 31st March 2017 by providing a fair declaration.
3. You have to stand in a long que to deposit existing notes in the bank and must show proof for a huge amount of cash money.
4. One can withdraw RS. 10,000 per day and RS. 20000 per week from the bank. You may face problems buying costly things if you do not use ATM or Net banking for the transaction.
5. People who have stored huge amount of cash money may face problems to deposit them at one time in the bank.

Changes always bring heavy havoc but will take us towards the brightness at the end. This all will be temporary because nothing sets for fixed and Mogi Government will stand with the public too.

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