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Modi Addressing the nation Nov 8, 2016
Image Source: indiatoday.com

Would you talk about this day with your future generations? Is it a day which will be marked in Indian economy as the “game- changer”? Oh! You bet it will, and hey, don’t bet in 500 or 1000’s for now at least! The 100’s and 20’s are more worth right now than your saved lakhs. Not only India, but the whole world is trying to soak in the news that Prime Minister Narendra Modi announced in his 40- minute address on 8 November 2016; Rs 500 and 1,000 notes “will not be legal tender from midnight tonight” and will be “just worthless pieces of paper.” All the lower denominations will be functional and indirectly they hold more value. Modi definitely stole the thunder of the hour and left the public in awe. The scheme to discontinue the 500 and 1000 denominations is introduced to curb the regulation of fake Indian currency notes. Lately, they have been used largely in anti-national and illegal activities and this is a step to flush the fake notes out of the Indian economy and issue new genuine notes. Here’s a compilation of what you need to know about regulating your 500 and 1000’s denominations notes:

 

  • Definitely the first and most important step is to deposit your Rs. 500 and 1000 in banks or post offices between November 10 and December 30, 2016. A relaxation has been given to exchange the money at Specified RBI offices till March 31, 2017 after providing proper declaration for the same.
  • ATM’s will remain closed on November 9 nationwide and in some places for November 10 as well.
  • There is an initial ATM withdrawal limit of Rs. 2000 per day, which will be increased to Rs. 4000 later.
  • Old notes of 500 and 1000’s denominations can be exchanged upto a limit of Rs. 4000 at any bank or post office producing valid ID proof. Valid ID proofs include Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, identity card issued by the government, public sector unit to its staff.
  • Hospitals and drug stores are bound to accept 500 and 1000’s denomination notes up till November 12 2016 and in cases of emergency.
  • Petrol pumps also are accepting Rs. 500 and 1000 but they are required to keep a track of every single transaction made in that denomination till November 11.
  • For the people travelling in and out of the country, adequate arrangements have been made at the airport, so that no inconvenience is caused in that sector.
  • There is no restriction on non-cash payments which includes transactions by cheque, demand drafts, e- wallets, debit and credit cards.
New Currency
Image Source: india.com

The honest tax- payers are definitely ecstatic and their respect for Modi’s intelligence has taken a leap. The hoarders of black money are in an utter confusion and clueless about what to do with their money that is going to be worthless in few days. This is a major move with a great long term economic impact. We at Schoolgully hope and pray that they have been correctly considered and this move would change the Indian economy for better.

Modi indeed played a ‘Trump’card this time. ! You heard the news, right?!

 

Author: Suhani Jain

 

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https://i1.wp.com/www.blog.schoolgully.com/wp-content/uploads/2016/11/india.com_.jpg?fit=350%2C208https://i1.wp.com/www.blog.schoolgully.com/wp-content/uploads/2016/11/india.com_.jpg?resize=150%2C150adminMiscellaneousRs. 500 & 1000 notes,Trump Card  Would you talk about this day with your future generations? Is it a day which will be marked in Indian economy as the “game- changer”? Oh! You bet it will, and hey, don’t bet in 500 or 1000’s for now at least! The 100’s and 20’s are more worth...Making Admissions Simpler