Banning existing 500 and 1000 rupee notes is one of the biggest decisions taken by the Indian Government to curb black money. Check out the impact of banning currency notes in India and how can one redeem or exchange existing 500 and 1000 rupee notes.
Ban on 500 and 1000 rupee currency notes in India
Indian Government has taken a big and bold step of banning existing currency notes of 500 and 1000 rupees and the decision has already created a mammoth commotion among the black money holders. From today midnight 500 and 1000 rupee notes will not be valid. Indian Prime Minister Narendra Modi addressed Indians and made this unexpected announcement. The decision to ban the currency notes is seen as the biggest step to curb black money spread across the country. Many experts and economists are welcoming the latest move of banning 500 and 1000 currency notes.
Black marketers are already literally crying. From today midnight the Indian currency notes of denominations 500 and 1000 will not be valid across the nation. Second announcement also was equally a bouncer. All ATMs will be shut tomorrow and banks will not be open for public. All ATMs will have new currency notes of 500 and 1000 rupees from day after tomorrow. New currency notes will look like the notes shown in the image.
New currency notes will not only curb black money but also will eliminate fake currency from the market. Black money and fake currency issues haunt every government. Now with this move, the Indian Government will be quite relaxed with respect to these issues. Also this new move is aimed to stop funding to the terrorist organisations.
PM Modi has urged to all Indians not to panic and cooperate with the government on this decision of banning 500 and 1000 notes. He assured that no one will loose a single penny with the implementation of the new rule.
Many people are debating about the sudden decision took by the Indian Government. But even though this decision seems as an abrupt and hasty, it is necessary to catch hold of the black money holders. If the government would have declared this well in advance, then the black money holders would have got sufficient time to convert it or divert the black money.
Most of the key services such as hospitals, petrol pumps, railway reservation counters, crematoriums and airports will accept the existing currency notes of 500 and 1000 rupees till the midnight of 11th November 2016.