India Bans ₹ 500 and ₹ 1000 Notes.After today midnight all ₹ 500 and ₹ 1000 Will be banned permanently.This decision has been made by our pm narandra modi.
Hey Guys,It’s really a bold decision made by the Government and can be called as the Surgical strike of the Government on Black Money which will stop Terrorist funding, arms smuggling and Counterfeit currency.
Currently Rs 17,54,000 crore worth of notes are in circulation according to the RBI’s database on the Indian economy.
As the RBI's Database ,
Rs 500 notes --> 45% the currency in circulation
This measure would mean that from midnight, almost Rs 6,32,600 crore in circulation in the form of Rs 1,000 notes would be illegal tender.
Countries like the USA, the UK and the European Union had already banned high denomination notes
Some of the benefits of this action (Pros) :-
1)It will help the government to fight Black money, corruption, terrorism and counterfeit currency with one single decision.
2)Arms smuggling, espionage and terrorist related activities will be choked due to lack of funding.
3) Counterfeit currencies are being used for financing terrorism which is being run by the enemy in India. Now Govt has taken a bold move which enables them to fight counterfeit currency/terrorist funding activities.
4) With the new limits on ATM withdrawals being restricted to Rs 2,000 per day, withdrawals from bank accounts limited to Rs 10,000 a day and Rs 20,000 a week, it will drive the card payments across the country.
It will be easy for the Government to track the money being exchanged as exchange can only be done by producing a valid government identity cards like PAN, Aadhaar and Election Card from 10 to 24 November with a daily limit of Rs 4000.
The traditional benami transactions have already received a big blow as the new legislation has a provision for seven-year imprisonment and fine, replacing the three-year jail term, or fine, or both.
It will help the common man by putting an end to the artificial increase in Real Estate, Higher Education and Healthcare transactions bringing them within the reach of the common man.
Cons :-
Inconvenience to common people who will start running to the nearby bank to exchange the 500 and 1000 currency notes.
Very difficult for more than half the population who are not well versed with the card transactions.
The small businesses will be affected at least in the shorter run
Technical error :-
What will happen to the common man who finds out that the note he is having is a fake one? How is the Govt going to handle such situations?
The big fish will be left out whose black money is in the form of foreign currency, gold etc.
New Fresh notes of rs 500 & Rs 1000 & Rs 2000 Will starting shortly.there are their first look-- Check it out ------->
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Hey Guys,It’s really a bold decision made by the Government and can be called as the Surgical strike of the Government on Black Money which will stop Terrorist funding, arms smuggling and Counterfeit currency.
Currently Rs 17,54,000 crore worth of notes are in circulation according to the RBI’s database on the Indian economy.
As the RBI's Database ,
Rs 500 notes --> 45% the currency in circulation
Rs 1000 notes --> 39% the currency in circulation.
Rs 10 & 100 --> 53% the currency in circulation.
This measure would mean that from midnight, almost Rs 6,32,600 crore in circulation in the form of Rs 1,000 notes would be illegal tender.
Countries like the USA, the UK and the European Union had already banned high denomination notes
Some of the benefits of this action (Pros) :-
Cons :-
Technical error :-
New Fresh notes of rs 500 & Rs 1000 & Rs 2000 Will starting shortly.there are their first look-- Check it out ------->
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