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Revealing the scene behind demonetised 500 and 1000 banknotes


Tuesday was a day of break out with major decision to demonetise Rs 500 and Rs 1,000 currency notes. After a surprise announcement of banning circulation of currency notes, Narender Modi, all excited to fight against Black money. It's like circulation of currency notes, Narender Modi, all excited to fight against Black money. It's like sword hanging over heads of Black money investors in order to make the economic system strong..

The grounds for this extreme step was illegal increase of false money. Across the country, this abolishment left people astonished and inconvenienced too. Some praise PM for such a great move but some are under Dilemma how and what to do now.move but some are under Dilemma how and what to do now.

Even our beloved B-Town celebrities posed strong reactions on this shun and see what they shared:
In History


Going into the history, similar circumstances stated in India after independence. In 1954, currency notes of 1000 and 10,000 rupees were banned and a new series of 1000, 5000 and 10,000 rupees were reintroduced and then these demonetised in Jan 1978. Concluding inflation within this period, 1000 notes came back in circulation in November 2000...

However, on the positive note, new 500 and 2000 denomination banknote will be introduced from November 10 as stated by Modi. In addition, Banks and ATM's were closed on November 9, 2016 for public dealing. On November 10, the ATMs at some places will not function, he declared.
From November 10 till December 30, 2016, Indian citizen are free to do
  1. Deposit old notes of Rs.500 or Rs.1000 in banks or post office accounts without any limit. However, there will be a limit on withdrawals of Rs. 10,000 per day and Rs.20,000 per week. You can access and exchange only Rs.4000.
  2. After December 30, you cannot change the currency
  3. During this time, tourist can change banknotes during their journey at their respective airports.
  4. Till November 11, government hospitals will take 500 and 1000 notes. Moreover, the prescription given doctor can be accepted.
  5. Petrol pumps, coming under public sector, milk booths and burial grounds, authorities also accept notes till Nov 11.
  6. Use of Coins will also keep up to be a legal.
  7. Online transactions and card payments will not be affected through this ban.
But is it enough to handle the present situation holding various circumstances?

Let's see Pros and Cons that really change the whole Economy scenerio:

Pros
  • Curb the problem of Corruption (for some time at least): To curb the Corruption, this step somehow help general public to get relief.
  • End to circulated fake notes:The fake (Duplicate) money which already circulated in Economy will be discarded and left no use.
  • Fall in consuming of Black Money: For Black money holder, Modi's decision curse their foul feet and teach a lesson not to hold untaxed money.
  • Halt smuggling and terriorism : Terrorist from 'Pakistan' and 'China' are spreading terrorism through Black money, so this act will put a stop on this whole act of voilence, maintaing peace and harmony in India.

Cons
  • Botheration for general public: Though this decison is for Defaulter but botheration will harash innocent people who earned money by hard work and donot aware with with new rules and policies.
  • Fall in Tax Payers Money: For Printing 500 and 1000 notes requires expenses that government would surely pay money from deposit of Taxpayers.
  • Highten initial corruption: Pandits in Religious places are exchanging money to defend Black money investors, is a real example how corruption in another will grows its roots deeper.

Conclusion:


We have seen various factors (Good or bad) Reviewing the whole article, Do you think, It is a right decision to be implemented? Though it is motivation act to handle Black money but somewhere general public will be affected at large! Although This step will definitely hassle your lifestyle in few coming months and somewhere general public will be affected at large!  I personally request Indians to accept and contribute well. Share your fair views!