Solution For The Exchange & Different Ways to Deposite 500 & 1000 Rs Note In Bank
PM Modi put a ban on 500 and 1000 rupee note to stop corruption. People who have acquired a lot of black money or corrupted money “Kala Dhan” and fake notes. This is to cease all the black or illegal money. And replace these notes with 2000 and new 500 notes. And all the old notes will be destroyed soon. The whole of India is under a panic, but definitely modified has a solution for this condition. From tomorrow 500 and 1000 rupee note will be just a piece of paper. But they are allowed in some cases like hospitals, drug stores and chemist. Even banks and ATM are closed for public work for two days.
Here’s the solution for what you can do with your Rs 500, Rs 1000 notes :-
*Rs 500, Rs 1000 currency notes put out of circulation from Nov 08, 2016 midnight.
*Deposit old notes of Rs 500 and 1000 in banks or post offices between November 10 and December 30, 2016.
*Those who are unable to do this, can exchange notes till March 31, 2017 at specified RBI offices after furnishing proper declaration of I’d card like pan card, aadhar card, election card.
*There will be an initial limit of Rs 10,000 per day and Rs 20,000 per week on withdrawal of money. This limit is to be increased soon.
*Exchange of old notes for cash upto a limit of Rs 4000 is possible at any bank or post office by producing valid ID proof. it may change or increase in next few days upto 20,000.
*Rs 500, Rs 1000 notes will be accepted at hospitals, drug stores till Nov 12.
*Arrangements have been made at airports so that passengers entering/leaving the country are not caused inconvenience.
*The notes can also be used at designated fuelling stations till Nov 12.
*Petrol pumps and retail outlets will have to keep every single entry of cash transaction with Rs 500 and 1000 notes till November 11.
*ATMs will not function on Nov 09 and at some places on Nov 10 as well.
*No restriction on non-cash payments including transactions by cheques, demand drafts, electronic fund transfers, debit and credit cards.
Will it Helps to stop Black Money Circulation or Not?
Common man are not caused any harm by this action by the pm. Instead it is for the benefit of common people. But for the black money people this is a true sixer. A heart breaking situation. It is a national heart attack day for the people. People can take a consult from their legal adviser or a chartered accountant help or an income tax officer. All the rich and poor are tensed to exchange their notes. Poor and middle class are thinking whether they will get their returns or their salary have become just waste piece of paper. The rich who have become rich by gaining lot of illegal money under the table. According to news reports upto 50% of black money is already collapsed by this decision of PM Modi. May be in future India will be a corruption free country. People are happy but they also have some kind of fear for the money. So as when and how things are going to take place. but on the other hand will any body keeps black money at home? as per AIBEA’s general secretary CH Venkatachalam said this step alone will not help as no one keep black money at home, it converted in foreign banks or in other forms such as gold, property or in other forms of asset. so finally it will effect currency black marketing directly and to the fake currency makers.
Solution for exchange of 500 and 1000 rupee notes is here with its various benefits and drawbacks. But definitely there is a ray of hope for the betterment of the future of our country. Hats off to the decision of PM Modi for the ban of 500 1000 notes. This is also good eye opener for people who keep large petty cash in homes, better to deposit it in banks.