Narendra Modi, the prime minister of India, had said a lot about putting an end to black marketing and black money hoarding in the country. Now, he has come up with a bold decision to implement his plan to bring about equality in the status of people residing in the country. He has declared a ban on bigger notes, i.e. 500 and 100 Rs notes, which is applicable all over India since 00:00 hours, November 9, 2016. Let’s read on why he is banning big notes.
People of the country have been granted 50 days for converting big 500 and 1000 Rs notes into smaller ones. They can exchange these notes from any bank, head or sub post office using any of their identity cards issued by Indian government like Adhar Ids, voter id cards, licenses, etc.
From November 10, 2016 to December 30, 2016, it is mandatory to deposit all of our cash consisting of those bigger notes in any of the nearby banks. And after that, the request for cash deposit will be fulfilled only by visiting RBI. While, there is a limit on cash withdrawal. One can withdraw maximum 10,000 a day or 20,000 a week. There is no restriction on transferring money through cheque or debit cards.
What Narendra Modi will get by banning big notes?
- Black marketing will come to a halt. Black-marketing is easier with bigger notes for it is less risky to carry thin bundles of notes from one place to another.
- No other country will be now able to print Indian notes and exchange it in dollars to be affluent in this way.
- Duplicate or fake currency will now be all out and then vanished.
- Financial crimes will also lessen with the elimination of bigger notes from the commercial setting of the country.
- This practice will control black money. People, who are not earning an honest income and are not paying tax properly or have accumulated money secretly in their lockers, will now be all revealed. They will have to disclose the source of the money they have earned it from.
- Corruption will reduce to a great level. It’s not easy to hide bulky bundles of notes easily under the pants, isn’t?
- Halt on terrorism. Mostly fake currency is used in the propagation of terrorism. And when there will be no fake notes, terrorists will have not many reasons to play this heinous game of bloodshed.
- Underworld people who have earned millions and millions of bucks will be bankrupt. They will be financially equal to the ordinary Indian public.
The decision Prime Minister, Mr. Narendra Modi, is considered by many as a great step against black money hoarding and black marketing. However, it has baffled a lot of Indians too making them run here and there, especially to ATMs, petroleum pumps, etc during midnight.