The entire nation has been taken away by this instantaneous and unexpected decision of PM Modi and his government. The currency notes, mentioned above have been discontinued in the entire nation within, minutes, last night. This had to be an abrupt decision that is supposed to fight against corruption and black money that had been clutching the country since decades.
Discontinuing Rs 500 & Rs 1000
This indeed was the need of the hour, while the way it shaped up has left the whole country wondering and in deep expectancy.
We bring to you a few of the highlights that majorly sum up this plan and how to manage your cash, transactions and future finances.
There are some major sectors that would be indeed deeply impacted by this change, here is all that you must know about this new plan of action:
- The country has improved and drastically climbed up the ladder. When the PM Modi Government took charge, India was still unstable, as far as the economy is considered. However if you talk about the economical status at present, there is a huge transformation and the country is taken all the more serious in terms of his finances. It took mere 2 years to bring around such a massive change and we must say, it is rather truly impeccable!
- The PM Modi Government believed right from the beginning that progress would be for all in the country. Majorly there have been major steps taken in order to empower the poor and enhance their living conditions, no matter what. There are still so many schemes being introduced in order to protect and secure the farmers to the maximum extent.
- Corruption as well as black money have been termites that have been eating the progress roots of the country since ages. Such new initiatives would line them up all well, well deserved for that matter.
- Although the globally we still are one of the most corrupt economies, however we are rapidly growing and facts prove them all quite well now.
- Terrorism will be largely impacted; as fake currency as well as dodgy funds act as basic platforms for terrorism and fund their needs. Now this will take a better face and eradicate terrorism forever, hopefully.
- Nearly 1.25 lakhs Crore rupees have already been recovered as black money.
- This is a solid step to fight back, while the common citizens of the country would have 50 days to get their 500, 1000 notes exchanged from their respective banks.
- From now onwards each retail outlet as well as petrol pumps would have to maintain account of every single cash transaction that would include cash transaction of 500 and 1000 rupee note.
- If in case anybody fails to get their currency notes exchanged before the 30th December, they can get them done by the 31st of March, 2017 by presenting their ID proofs.
- INR 2000 and new 500 rupee notes shall be out soon, while the Reserve Bank of India shall limit the high-value ones, undoubtedly.
PM Modi has considerably offered a solution for the entire plan and this is most likely going to be a big step in order to get rid of the ages old corruption and ensure to make the country be counted as one of the most successful and powerful economies of the world! However, you can use different online wallets now for your future transactions.
GOODBYE cash transaction, WELCOME online payment! 🙂