Demonetization means the old unit of currency will be retired and shall be replaced with a new currency. This is the single best step the government of India took after Independence. The British started the corrupt system and it has been continued till now. But now the Modi government has taken a bold step to turn off the black economy into white.
It is not the first time in the history of India that demonetization has happened, it occurred in 1944 and 1978. The act was not successful due to various reasons. But now this time everyone is looking for a greater impact of this bold move. Very fast and sudden decision of government will be delivering expected results.
Tax professionals have welcomed the move by the Modi government to ban the Rs 500 and Rs 1000 notes. It is a drastic but positive step that will help stamp out the menace of black money.
Now let us see impacts of Demonetization in India.
Here are FAQ’S On 500 and 1000 rs notes
The scheme is all about demonetization of 500 and 1000 rs notes all over India. That is these currencies would be invalid from now.
India being a cash economy the major assaults on black money, fake currency, corruption and terrorist activities are been conducted with this 500 and 1000 rs notes. In consequences thereof, these bank notes cannot be used for transacting business or store of value for future usage.
You will get 4500 per person in cash exchange.
An individual can open a bank account by approaching a bank with the necessary documents to be filled.
Yes, but the limit is 2500/- per withdrawal. Withdraw limits have been increased.
500 and 1000 rs notes are only valid at government hospitals and gas stations.
6. For any help whom should I approach?
You can contact www.rbi.org.in or you can email to the RBI control room firstname.lastname@example.org or you can call at 022-22602201/22602944.
Who says you need to have a cash to get back to our normal life. Debit card and credit card are the life changer in this peek time. A swipe here and a touch make the life easy. And while you are using these digital things do help those who don’t have bank accounts. Together let us move towards a cashless India