The latest hard jig in the Indian finance industry is the scrapping of 500 and 1000 rupee notes banned in india is the latest news. As per this indian government order with joint efforts from RBI(Reserve bank of INDIA) all 500 and 1000 rupee notes which were in use by the public of nation of India is no more valid or legal or a legitimate currency to be used for any sort of cash financial transaction with effect from midnight of 08-11-2016 or 09-11-2016 morning 12:00 AM. This order or rule clearly states that no indian can use the Rs.500 and Rs.1000 currency for any transaction, purchase, sale, service or usage. Hence, the people of india have only options to use the low value currencies like Rs.50,Rs.10, Rs.100 and coins varying from Rs.1, Rs.2,Rs.5,Rs.10. This order provokes the central government of india to curb the fake currency and black money circulation in the country as per the statements of the Prime minister of INDIA and the Reserve Bank of INDIA.
Earlier, two days back government of INDIA with the RBI announced the new Rs.2000 notes to be released for circulation among the public in masses. It is considered that this new currecny note circulation was a preliminary move for this Rs.500 and Rs.1000 notes ban in the country. It has created an immense shock and surprise among the masses as the currency which the people were holding till a few minutes or a day back is scrapped, banned and announced illegal to be used for any of their uses. The first and foremost smoothing word is that these Rs.500 and Rs.1000 notes can be exchaged with all public and private sector Banks of India and the post offices through out the country before December 10, 2016. But, with this word there are three more profound news that has to be given head to by our ears. Firstly, the exchange process cannot take place by tomorrow or 09-11-2016 as all the banks are shut down for a day or tomorrow. The next most important information to be noted is that the exchange of rs.500 and Rs.1000 notes can take place only afte submitting Aadhar card and pan card in the banks of india and the post offices.
PM Narendra Modi Speech about Rs. 500 and 1000 is Banned in India
When we exchange of the old currency, there is no information about whether Rs.1000 or some low value currency would be given as an exchange or only the old Rs.500 and Rs.1000 notes will be deposited in the saving and current accounts of the account holders in their respective public sector banks and private sector banks & the postal savings account in the post offices. Thirdly few medical facilities are exempted from this rs.500 and rs.1000 ban for time being.
The announcement has been trending in the social media like twitter, Facebook and whatsapp like fire has outraged in the whole country and our leader of the nation prime minister was seen giving us an overview of the expectations,outcomes and benefits for the nation of the new rule of ban of old Rs.500 and Rs.1000 currency notes. Later after our prime ministers speech, the governor of RBI and other officials relating to the finance ministry and the RBI were seen giving statements on this announcement. We have listed all the latest videos by our Prime minister, RBI Governor and other officials.
Facts about the scrapped Rupees Rs.500 and Rs.1000 notes:
- Maximum limit of exchange of old Rs.500 and Rs.1000 notes is Rs.20,000 per week.
- All old Rs.500 and Rs.1000 notes cannot be used for anyform of trade in INDIA.
- Banks and Post offices deposit the old notes in to the savings and current accounts starting from
- midnight or 12:00 AM of 09-11-2016.
- Every has to submit the old notes before December 10,2016.fr
- Those failing to exchange old currency notes with banks have waiver exchange option till March 31, 2016 by submitting their ID Proofs.
- Apart from people Government hospitals including State government hospital facilites will accept Rs.500 and Rs.1000 notes till November 11, 2016 (The cases of private hospitals is still a stage of debate or confusion).
- Banks closed for tomorrow.
- Banks and post offices shutdown for 09-11-2016.
- Cashless fund transfer won’t be affected.
- Credit cards, Debit Cards and Eletronic fund transfer is still under confusion with various media agencies giving out different reports of diffirent verison of the idea given by the financial regulator and its leaders.
Benefits to the government: Rs 500 and 1000 rupee notes Banned news by RBI Governer Urjit Patel
Heavy loads of cash capital will be saved the banks and posta offices. This leads to a temporary heavy captial gains to banks and post offices. The cash worth of the financial institutions will be remarkable. Fake currencies and black money can be curbed from being made white money. Online market and cashless transactions will be boosted helping the government, financial institutions and finance tech startups reach a immediate new milestone for low value transaction users varying from Rs. 500 to Rs.1000 to Rs.2000. Black money circulation will be temporarily difficult and impossible for a few months. Country’s Captial worth by cash would increase to historic margins by the amount deposited by the people in the banks and post offices.
Benefits to people:
People can expect a new economical change in the INDIAN financial economy. All lower middle class and lower class people may be forced to use technologies like Wallets, Online Banking and Cashless transaction mediums overnight. Services like PayTM, OLA Money, Oxigen wallet, Mobikwik, Freecharge,Citruspay,mrupee, Every indian can be expected to be digitized by this Rs.500 and Rs.1000 void rule. Though in majority cases lower class or daily waged people may not be affected as expected by the Government of INDIA and RBI. Nation lovers and people againse black money can expect a temporary black money circulation prevention. In a way of fun people can see the use of new currency Rs.2000 circulating among the masses in a few days or few months. Banks may be requested to function on saturdays and sundays for the next few weeks till the mess ensuing the rs.500 and Rs.1000 notes ban get dissolved among the people of INDIA.
After all the news, the matter will be a hot topic
Questions surrounding the Void Rs.500 and Rs.1000 notes?Trending!!!!!
What will happen to fake currencies circulating in the market?Trending!!!!
What will hapen to the black money circulating in the market?Trending!!!!
How will the people of india be affected?Trending!!!
What are the benefits people would face on the ban?Trending!!
What are the pros and cons the banks, Government of India and RBI jointly going to face?Trending!
Who will be the most affected and the best beneficiary due to this ban?Trending!