With the announcement of the Hon’ble Prime Minister banning Indian Currency of Rs. 500 & Rs. 1000, the Voluntary Disclosure of Income Scheme, gold monetization scheme, opening of bank accounts, etc. everything seems to have fallen in place. This proves that it is not just an impromptu decision taken by the government, It was a move planned long back and all the steps taken till now were just a facilitator of this final step.
This step will prove to be a major blow to:
- Black Marketers
- Terrorists & Anti National Activities
- Fake Currency Markets
- Real Estate
How will this step benefit India and its nationals?
- Arms smuggling, undercover activities and terrorist related activities will be Paralyzed due to lack of funding. This is most important advantage to the country.
- It will help the government to fight Black money, corruption, terrorism and counterfeit currency with one single decision.
- Rupee will strengthen over-time as Inflation will go down which will benefit poor and middle class people.
- Investments in gold and jewelries will increase, eventually increasing investment in the government’s gold monetization scheme.
- Rise in plastic money like debit card, credit card, online transactions.
- All cash whether in a normal household, reported, un-reported will come on records.
Although this move will hamper normal day to day routine activities for a few days, creating havoc and panic in the nation, but very soon, it will prove to be a clear win-win situation for a common man, who was till now suffering the negatives impacts of the parallel economy. As a responsible citizen the need of the hour is to extend full support to this initiative and help achieve the benefits of this move and ultimately contribute towards India becoming a paperless economy.
On the eve of 08th November, 2016 when half of the nation was busy watching saas-bahu stereotypes, and the other half in witnessing the fate of United States of America, our Hon’ble Prime Minister along with Reserve Bank of India had all their moves ready to make a landmark and everlasting impact in the history of India. When his sudden address to nation was announced at 7.45 P.M., everyone thought it to be yet another statement against Terrorism or Pakistan, but no one had ever imagined, that history would be made.
Just one statement “500 & 1000 rupee note will not be a legal tender from midnight of 08th November, 2016” and it was a checkmate situation for corruption, black marketer and terrorism. It was one of the biggest, stringent, planned and secretive move ever taken in the history of Republic of India by any ruling party. With the banks closed for public on 09th November, 2016 and ATM closed for 09th & 10th, India hopefully is all set to awaken to a new era free of deep rooted black marketing and corruption.
The major highlights of Hon’ble Prime Minister’s Speech are
- From midnight of 08th November, notes of Rs 500 and Rs 1000 will cease to be legal tender.
- Reserve Bank of India would soon release and circulate new notes of Rs 500 and Rs 2,000.
- All banks to remain closed on November 9 for public work.
- ATMs will not function on November 9, and on November 10 in some places.
- For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes.
- Citizens will have 50 days, from November 10 to December 30, to deposit/exchange old Rs 1000 and 500 at post offices and banks.
- Those unable to submit all their old currency notes within the deadline, will be able to do so at the Reserve Bank of India up till March 31, 2017 by providing a declaration.
- No limit on Deposit of amounts in bank accounts.
- Withdrawals from bank accounts limited to Rs 10,000 a day and Rs 20,000 a week
- Exchange limit has been capped at Rs 4,000 till November 24 on production of a valid Government identity card, like PAN, Aadhaar and Election Card
- Withdrawals from ATM capped at Rs. 2,000 per day till 19th November & to Rs. 4,000 after 19th November.