And finally another great steps taken ahead by Prime Minister Narendra Modi after surgical strike against terror attack. From Wednesday night PM Modi announced that INR 500 and INR 1000 notes no longer exist and this will help a lot in getting back black money. Well if you are thinking what to do with your existing cash? Here I am covering all details about how to exchange INR 500 and INR 1000 notes easily. But first let me put some light on important areas where this steps will help.
As Narendra Modi promised about getting back black money during 2014 election, he started working on this project secretly. Without any information in ministers he suddenly announced that INR 500 and INR 1000 has been banned from Wednesday midnight.
Table Of Content
Why INR 500 and INR 1000 notes banned in India
This is really tough decision for country but helpful in recovering black money, note duplicity, decreasing terror attack in the country and much more, so let me focus on some important areas where this step will help a lot.
“Our one or two weeks of inconvenience will helps in betterment of our future”
#1- Helpful in recovering black money:
The main objective of this decision was to getting black money back to the country. You might thinking about, how INR 500 and INR 1000 notes banning will help in recovering black money. This is the general question comes in every normal minds but let me clear the whole things easily.
First of all I would like to tell what black money exactly is? Wait, if you are thinking that I am writing some tough economics definition then you are wrong. Because I am an engineer and it’s really a tough for us to memorise any exact economics definition without understanding.
In easy and simple language, black money are that amount on which no control of government or the amount on which no income tax are paid or in more simple language the money which is earned from illegal source like scams and smuggling.
If you have notes of INR 500 and INR 1000 then you can exchange it to bank or post office before 30th December 2016 but if you still want to submit these older banned notes after 31st December then you can submit it to Reserve bank offices before 31st march.
It will be really bad news for black money holders because either they have to submit it to bank and pay income tax with all declaration else burn it J . So this step will help in recovering black money back.
#2- Removing Note Duplicity:
Duplicate notes was on peak from few years back but after this government has been released new notes of INR 500 and INR 1000 so it will help in reducing trends of duplicate not for at least few years. This will also help in increasing value of rupees in international market.
#3- Reducing terror attack:
Narendra Modi has taken this great step against terrorism because they will no longer funded by black money. Now all those amount which were funded will have a bank record which help in reducing terror attack.
So these are three major areas where this step will helps but still there are many benefits of this tough decision. No doubt, public might face some issue for few days but we should support our country and Prime Minister for such great decision.
Can I exchange my existing INR500 and INR1000 notes?
This is the biggest confusion among rural areas where people still asking for what to do with INR500 and INR1000. So let me confirm it, you do not need to worry about your cash notes because there is provision to submit it directly to your nearest bank and post office where you can get new INR 500 and INR 2000 notes easily.
The whole details are under the table given below-
Where is INR 500 and INR 1000 notes valid?
Still for next 72 hours you can use these notes on Petrol Pumps, Hospitals and Railways and Bus stand. In keeping the inconveniences in mind Prime Minister Modi has allowed these important places for next 72 hours.
This is great news for me so I couldn’t stopped myself to sharing a small thought on this topic. I hope this article help you in choosing better way to utilize INR 500 and INR 1000 notes after announcement. This is an appreciable step by Prime Minister Narendra Modi against black money and we should support the decision at any cost. Our one or two weeks of inconvenience will helps in betterment of our future. I am really very thankful to Sri Narendra Modi, are you also? Write your thoughts in comment box given below!! and Share with Others!!