Last night, PM Narendra Modi has taken an enormous step to scrapped 500 and 1000 buck notes. While news channel was busy predicting US President election poll, a surprise came from PM about scrapping the 500 and 1000 notes from yesterday midnight.  This has been the first such currency remodel taken in recent time. Now 500 and 1000 notes will be illegal and no one can use these notes for doing any transaction except exchanging them through banks and post offices by providing their identity proofs.

RBI banned 500 and 1000 notes

PM Modi has taken an extra mile to nip the evil in the bud as Black Money was the major election agenda when he was fighting the 2014 elections. Since then the BJP comes to power, people were excited to see how PM Modi will break the black money scam and get back the huge amount from Swiss Bank to India. With this step all, we can say  PM has started the charity from home and pledged to take an innovative yet effective action against the indoor black money.

For those who has black money, these notes will just a worthless piece of paper for them. India is facing this hulking issue of black money from quiet long.  Use of high denomination notes for storage of unaccounted wealth has reported from cash recoveries made by law enforcement agencies time to time. These high denomination currency is being used to facilitate terrorism and drug trafficking. Fake Indian currency notes which look like original to common man are using for seditious activities such as espionage, smuggling of arms and drug.

At last PM Modi has taken first impressive decision to put a full stop on the issue of black money. To strengthen our real economy and curbing black money RBI & BJP government decided to cancel the legal tender character of high denomination bank notes of Rs 500 and Rs 1000 notes. I know it would not clean the entire garbage of black money but definitely, it will wipe out it to some extent. Also, Corruption will decrease and this will greatly benefit the common man.

In his 40 minutes address to the nation, PM Modi guided through the process and way outs available to common man to do with Rs 500 and Rs 1000 notes. You can deposit the 500 and 1000 notes into a bank or a post office in 50 days. All deposits of old Rs 500 and Rs 1000 notes in bank accounts will be subjected to tax laws thus  comes a crackdown on black money. You can also exchange them from a bank or post office till November 24 but there is a limit of Rs 4000 for exchange. RBI will issue New 500 and 2000 notes from Thursday and you can get the new notes from your nearest bank from Friday.

New 500 and 1000 notes

Do not forget to take your Aadhaar Card or Pan Card when you visit a bank or post office. To exchange the notes. Please note that there will be no change in any other form like cheque, DD, payment via credit or debit cards of monetary exchange. After 50 days i.e. 30 December, old notes can be exchanged at RBI with a declaration.

Your old Rs 500 and Rs 1000 notes will be accepted at Petrol pumps, government hospitals, railway, airline, government bus ticket booking counters, consumer co-operative stores run by the state or central government, milk booths authorized by state governments and crematoriums and burial grounds till November 11, 2016.

This surprise move will trigger trouble to the common man for few days, however, they have ample time to exchange and return notes of 500 and 1000 to banks or post office. All banks are working on providing 100 Rs notes to their customers at their ATM outlet. It will be inline within days.

Surely, this historic step will wipe out the billion worth black money from the country or you can say this was the perfect surgical strike by Prime Minister Modi against Black Money.

Stay tuned to all perfect stories for new updates. We would love to hear your suggestions and comments on denomination of Indian currency.


11 Comments

  • Avi says:

    nice blog, and great step by indian government

    Reply

  • chhavi says:

    what a article..thanks for the informative and quite interesting one..quite impressed with your art of writing..felt little bad for comman man but it will be normal after few days..otherwise a good start for INDIANS..really liked your article very much..really enjoyed reading it..thanks..

    Reply

  • Geetu kalra says:

    Really our Great P.M has done something unbelievable nd really appreciable task above our thoughts.Pooja Sharma has wriiten her views on such a hottt topic in a commendable way.Really a gud writer you are dear?

    Reply

  • parvinder singh says:

    fantastic move against black money to ban Rs 500 nd Rs 1000 notes This will be a game changer

    Reply

  • Vikram says:

    What a great step taken by our PM Mr. Narendra Modi. I loved the way his hard working to decrease the corruption in India. I am sure this is the silence slap to those once who holds black money.

    Acchein din definitely aayengein….

    Heads off to Modi saab…

    Thanks for sharing this article.

    Reply

  • Niketa says:

    Nice and informative article. Goid job by PM Modi.

    Reply

  • Charu Bhuria says:

    Hats Off Sir @narendramodi … Proud to have you as our Prime Minister. Heartfelt Respects and Love !! Your bold step to check black money will always be remembered in the indian history.

    Reply

  • K Shankar says:

    Nice informative blog. Thanks a lot.

    Reply

  • Achla sharma says:

    It’s a great step taken by PM Modi….now black money will be out…..n poor will not be poor n rich will not be more rich….

    Reply

  • Lovepreet Singh says:

    Such a strong step by Modi g, specially when he knows that people from her own party and her own supporters will be affected ! Regardless he tooks the call because it’s good for our nation ..and he put our nation first! Hard working honest Indian citizens laud you and our our respect for you has manifolded ..

    Reply

  • Pooja Sharma says:

    Thank You all for appreciating the article and posting your valuable comments. Our PM Mr. Modi has surely done the best to curb the Black money. We all support him for making this step a big success.

    Reply


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Pooja Sharma
Pooja is a creative, passionate writer who loves to write about Sports, Fashion, Lifestyle, Politics and much more.