Government banned Rs 500 and Rs 1000 notes

When world is busy watching the US President elections, Indian government comes with a drastic change and launched the new  era currency notes. Government has banned the notes of Rs 500 and Rs 1000 from 8th November midnight onward. The decision was taken by the government on the same day and applied in the evening.  It was estimated that lots of money is being used illegally and already converted to the black money. However this great step of the government will definitely going to overcome from the problem of hard cash black money. 

PM Narender modi During his speech

People from now onward will not be able to use the notes of Rs 500 and Rs 1000, it can only be exchanged through the financial sectors like banks and post offices. The decision is bold and clear, and going to directly affect the corrupt people and officials or the corrupt politicians who had kept bags of currency notes hidden in there residence.    

Following key steps :

• From 8th November midnight the notes of Rs 500 and Rs 1000 banned.
• Notes will be exchanged with in next 50 days till 30th December through banks and post offices.
• New notes of Rs 500 and Rs 2000 will be launched soon, however notes of Rs 1000 are being terminated and will not be used in future. 

New notes of Rs 500 & Rs 2000

• People can use identity card, Aadhar card, Voter card, PAN etc to submit the cash in the banks for the emergency and large amounts.
• From 10th November till 24th of November people can exchange the cash and notes of up to 4000 thereafter 25th November the amount exchange amount can be more than 4000.
• However notes are still valid in Hospitals, Railway station, Bus counters and airport ticket counters till 72 hours.
• Notes of Rs 500 and Rs 1000 are also valid and can be used in milk dairies, petrol pumps, CNG gas counters etc.
• If someone is not able to submit these notes till 30 December for any reason,for such people government has given a provision to submit the currency till 31 march with a declaration form. 

The way government strikes silently on the public is a great step to take out the black money from the market. Honest people with their hard earned money can easily submit their cash into the banks however the people who had a large amount of notes under their home tiles will now be a waste paper.

This great move of the government of course will take time to get it active. Surely, in the beginning it is quiet difficult to survive for everyone but once everything will be under control then yes it will be a fresh start from the next year.   

As per the records around 90% of the black money is outside the nation saved in Swiss bank and many more financial institutions. Remaining 10% of currency which is in India still divided into different forms like gold, diamond etc and rest in hard cash. We knew it very well that this new amazing step will definitely crush the black money which have been earned illegally. 

Although people who are full of corruption and having a millions and billions saved in Swiss banks are still safe. It also need a tough implementation to bring back the black money from the Swiss bank to India.