Rs. 500, 1000 Notes Banned
Big surprise in world’s biggest democracy!!! Yes, latest news, surgical strike against black money… on Tuesday, 8th November 2016, PM Modi announced that the circulation of two largest notes (Rs. 500, 1000) in India has been banned from the midnight.
The unexpected step appears a design to expose the millionaires, who have not paid tax according to the government rules or in correct manner. “To make prefect the economic conditions, the biggest obstacle is black money that is undeclared, untaxed or under the table”, said Sasha Riser-Kositsky, lead South Asia analyst at research firm Eurasia Group.
Surgical Strike ON Black Money
“It is like a surgical strike on black money,” Revenue Secretary Hasmukh Adhia said. After raising nearly $US10 billion ($12.93 billion) through a tax amnesty for Indians to declare hidden income and assets PM Narendra Modi’s announcement comes around over a month after. He added also that after a time New 500 and 2,000 rupee denomination notes will be issued.
What Is The Scheme?
Under the scheme, notes of Rs. 500, 1000 has been banned for provoking the corruption and terrorism. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage.
Till 30 December 2016, you can deposit the notes through post office / the bank where you have account if you need to exchange the notes then you have time limit of till 24 November 2016. In case you have not deposited the notes till the given date, you are required to visit to the any branch of Reserve Bank Of India till 31 march 2017.
How to exchange 500, 1000 Notes?
- First, visit to the nearest bank or to your nearest post office from 10th November to 30th December 2016.
- You are required to Carry a valid ID proof with you, like your Aadhaar card or PAN card or Voter ID or Passport etc.
- Now you can submit the notes by showing you id proof.
You Can Use 500 And 1000 Notes:
People can use 500 and 1000 notes in hospital, railway station, air lines, Milk booths authorized by state governments, Crematoriums and burial grounds, Petrol Pumps or the corruptive offices which are governed by state government or central government till mid night of 11th November 2016.
Have You Ever Thought?
Have you ever thought that how terrorist survive after entering in India, they uses fake notes of 500 rupee note, worth about $7.50 at current exchange rates.
Facts About Upcoming Notes:
- New Rs 2000 notes will be less with Nano GPS chip by using Nano technology.
- The technology is too advanced that it can track the location of the notes.
- If any one will try to damage the NGC of the note the note itself will become damaged
Rs. 500, 1000 Notes Banned
Due to the ban, in the market people are facing lots of problem, so new notes are coming soon. According to the country’s Labor Bureau 500 and 2000 Notes are worth roughly $7.53 and $30.14, respectively, but they represent very large-denomination bills in the country.
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