The biggest surprise for nation, Prime Minister Narendra Modi on Tuesday night announced demonetisation of Rs. 1000 and Rs. 500 notes with effect from midnight, making these notes invalid in a major strike on black money, duplicate currency and corruption.
The day should be counted as BLACK DAY for all black marketers.
As Indian government has been already declared a date to disclose the black money and successfully collect huge amount back.
In his first televised address to the nation, Mr. Modi said people holding notes of Rs. 500 and Rs. 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
First of all, If you do not have any black money then you don’t need to be panic. Here are few more thing you must know.
- There is no restriction of depositing your legal Rs. 500, Rs. 1000 notes for exchange. Any amount, as long as it is legal, can be exchanged.
- Within this period, cheques, debit cards, e-transactions will continue. All electronic transations on account of business firms, companies and individuals will continue in the new two days: DEA secretary
- Initially, there could be inconvenience. The supply of new notes will be increased. First aspect to be considered is inflation. RBI will monitor and regulate the printing and circulation of Rs. 2000 notes.
- Banks will have video cameras for all trransactions, people must be careful while exchanging legal cash, says Shaktikanta Das
- Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
We believe that its a very good move for our nation and we feel proud to have a PM like Mr. Narender Modi.
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