October 21, 2018

PM Modi announced scraping of 500 and 1000 currency notes, end of black money in India

Image Credit http://indianexpress.com/

With this strong step taken by the Prime Minister Narendra Modi, there might be common man, farmers, 90% of them perhaps has no bank accounts who are under poverty line, but carrying one or two 500 rupees note.   Patients who are hospitalized in private nursing homes and waiting for immediate operation, medicine shopkeepers may have to face crisis for a few days, however this is a historical step to remove black marketing and terrorism. Grey economy can be removed but still there are many people who do not invest on their own names. The conditions of rural economy should be under consideration.

Image Credit http://www.thehindubusinessline.com/
Image Credit http://www.thehindubusinessline.com/

Please read this carefully and circulate this as much as you can for the next 24 hours only.

Indian Prime Minister Mr. Narendra Modi has announced the following on evening of Tuesday, 8th November 2016. This drastic economic move is in the interest of the nation to prevent black money transactions and corruption and enable hidden black money to move back into the economic structure.

 

  1. Effective midnight of 8th November 2016, existing high value currency notes of INR 1000 and INR 500 are being discontinued and will not be a legal tender for transactions

 

  1. All banks in within India will remain closed on 9th November 2016

 

  1. All ATMs within India will remain closed on 9th and 10th November 2016

 

  1. People can exchange their existing old 500 and 1000 rupees notes from banks and post offices starting from 10th November till 30th December 2016

 

  1. New currency notes of INR 500 and INR 2000 with high security features will be introduced soon which will be tough to copy.

 

Please ensure this reaches all Indians across the globe who may have INR 500 and INR 1000 currency notes in hand so that they have a window of opportunity to exchange the same from their respective banks.

The Reserve Bank of India will be introducing the new INR 500 and INR 1000 notes will state of the art security features which will be impossible to copy and make fake currencies.

 

Just a beginning to curb black money in India.

Note: We apologize for the information on Nano GPS Chip which the Reserve Bank of India has termed as a rumor and false. We have removed the information on NGC from this article. 

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About Suvendu Narayan Roy 36 Articles
Author and Faculty member of Finance Analyst -Financial and Political Reputed Article writer Director - Knowgen Educational Services Pvt.. Ltd Co-editor JCBR, a cross functional business research journal