Indian Government Demonetizes ₹500 & ₹1000  Notes
In an attempt to curb black money, fake currency and corruption, Prime Minister Narendra Modi announced demonetization of ₹1000 and ₹ 500 notes with effect from 8th November 2016 midnight .

In his first televised address to the nation, Modi said people holding notes of ₹500 and ₹ 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

The Prime Minister said the notes of ₹ 500 and ₹ 1000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper."

"₹ 500 & Rs 1000 notes to be discontinued from midnight. It should be encashed from any bank or post office within 50 Days. You have 50 days (From 10 Nov to 30 Dec) to deposit notes of ₹ 500 & ₹ 1000 in any bank or post office," said PM Modi.

However, the PM said that all notes in lower denomination of ₹ 100, ₹ 50, ₹ 20, ₹ 10, ₹ 5, ₹ 2 and ₹ 1 and all coins will continue to be valid.

How people can exchange ₹ 500 and ₹ 1000 notes ?

  • Change them at banks or post offices Nov 10 to Dec 30
  • Take Aadhaar and Pan Card when to go to exchange these notes
  • After Dec 30, these notes can be changed at the Reserve Bank
  • Tourists can change the notes at airports.

Here's what you need to do with your 500 and 1000 rupee notes.

  • Deposit them at the bank or post office from November 10 to December 30
  • Exchange them from a bank or post office till 24 November. The limit for exchange is Rs.4000
  • Take Aadhaar card and PAN Card when you go to exchange notes
  • After December 30, these can be deposited at the Reserve Bank with a declaration
  • Tourists can change the notes at airports

Your 500 and 1000 rupee notes be accepted till November 11 at:

  • Petrol Pumps and government hospitals
  • Railway, airline, government bus ticket booking counters
  • Consumer co-operative stores run by state or central government
  • Milk booths authorized by state governments
  • Crematoriums and burial grounds
  • PM Modi also announced that new notes of ₹ 2000 and ₹ 500 will be circulated soon.

What Will Happen after the Indian Government Demonetizes ₹500 and ₹1000 Notes ?

The decision by the Indian Government to demonetize ₹500 and ₹1000 notes is a great step for curbing black money (acquired legally but tax not paid) and dirty money (acquired through illegal source) in India.

The move is so unexpected that people have no time at all to remove their black money, so this would become simply a waste of paper for them. I can’t imagine any better move than this to eliminate black money from the country.

However, its immediate impact is likely to be very adverse on the stock market and the sectors like real estate where lot of black money is used. 

Impact on the other sectors Demonetizes ₹500 and ₹1000 Notes Decision

  1. The sale of gold and diamond jewelry would drastically decline. This means less outgoing foreign currency, hence a better balance of payment situation.
  2. Corruption would be reduced drastically.
  3. Credit card and other legal transactions would go up.
  4. Taxes (Income Tax, Excise, Service tax and Sales Tax) would go up substantially since more transactions would be in white.
  5. Criminal activities would reduce.
  6. Use of illegal money in elections would be reduced drastically.
  7. Property rates would reduce drastically.
There would, however, be a lot of chaos in first few days. Then everything would fall in its place.

Importance Of Demonetizes ₹500 and ₹1000 Notes Decision

  1. Government will track every single penny which is present in the form of Black Money in India.
  2. Rising graph of Fake Currency will drop soon & from next time no one will check your 500Rs note.
  3. This decision will help us to tackle against corruption as government will always have its eye on your transaction.
  • Now how it is going to kill corruption & Black Money
  • Right now RBI doesn't have a record of every Indian in terms of their financial situation, as government made AADHAR mandatory for individual identity similarly after this decision government will have record of our transactions also. So any future transaction will go through government scrutiny. 
  • This way corruption will end so will the black money.

Difficulties after Demonetizes ₹500 and ₹1000 Notes Decision

Yeah it will create some chaos & difficulties of this decision , but Soon prisons will get full of Corrupt leaders & officers. For innocents out there, one and only message:
This pain is temporary but in reward you will see the best version of our country.

Keep following things in your mind

  • Don't get rushed, everything is fine out there. Your currency is still valid you just to need to collect the new notes from bank or post office.  
  • If you face any emergency situation during this schedule such as hospital emergency or need to travel then don't have to worry. Government hospitals, Railway Ticket counters, Flight ticket counter accepting 500₹ & 1000₹ note. 
  • Online payment, Cheque, Demand Draft is not affected, so take a chill you can still use Paytm, McDonald, Flipkart etc. with the use of your card.
  • If someone try to bully you that this is a big crisis & all just don't listen to them. There is nothing like that.
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