500 and 1000 rupee notes scrapped, India gets a new 2000 rupee note!

 

And then someone said, “Achhe din aa hi gaye”

Prime minister of India, Mr. Narendra Modi took some crucial decisions and announced Tuesday evening. He said, 500 rupee note and 1000 rupee notes will not be functional from Tuesday midnight onward and India will get a new 2000 rupee note. It’s a surprise announcement and the country could not take it at once.

Prime Minister announced that 500 and 1000 rupee notes would be no longer a legal tender. Before you get tensed out let me tell you the entire story here.
Let us first understand what happened here:

  • PM Modi, to put a break (or probably a complete full stop) on black money, terrorism (to a greater extent) and frauds, declared that only 1, 2, 5, 10, 20, 50 and 100 rupee notes and coins will be accepted from Tuesday midnight and 500 and 1000 rupee notes will no longer be ‘legal money’.
  • PM Modi further said that banks will be closed for 9th November throughout the country for public use.
  • People can go to banks from 10th November to 30th December 2016 to exchange their 500 and 1000 rupee notes in return of 50 and 100 rupee notes and 500 and 2000 rupee new notes.
  • But an individual, daily, up to from 10th November to 24th November 2016, only exchange 4000 rupees. From 25th November 2016, this amount will be increased.
  • Also, ATM machines will be closed for 9th and 10th
  • After ATM machines will be opened for use from 11th November 2016, an individual will only be able to extract 2000 rupees per day.
  • If there’s a need of more money, one can get 10000 rupees per day and 20000 rupees per week from respective banks.
  • But there are some clauses too.
    → 500 and 1000 rupee notes will be accepted at government petrol pumps, bus stands, medical stores, and ONLY government hospitals, airports, government kendriya stores for the next 72 hours (3 days). Because Modi believes no one should suffer.
    → If even after exchanging 500 and 1000 rupee notes up to 4000 rupees daily at your respective banks, you are still left with such more notes, you can further exchange them till 31st March 2017 ONLY at Reserve Bank of India, with a declaration of the income.
  • Also, PM Modi has announced that 2 new notes of 500 rupees and 2000 rupee. Moreover, the 2000 rupee notes will come with a nano GPS chip which will help the government to trace which note is taken where or probably they are being hidden. These two new notes look like below:2000 rupee note 2000 rupee note

2000 rupee note 2000 rupee note

Definitely for a couple of days, general masses will have to face some problems, but on the other hand the politicians, industrialists, businessmen, and other people who have hidden crores and crores of money (black money) are facing the hardest times of their life.
By the mean time the culprits cry their lungs out, let me show you (on the funny side) how is the country reacting to this:

Haha!
What’s your take on this? Do you think Modi’s decision will put a full stop on illegal transactions, black money, terrorism and above all CORRUPTION!
Tell me in the comments below!

One comment: On 500 and 1000 rupee notes scrapped, India gets a new 2000 rupee note!

  • YEAH I SUPPORT MR MODI AWESOME DECISION AND ONE NEED COURAGE PLANNING HARD WORK AND LOT MORE TO TAKE SUCH DECISIONS AND FOR SURE IS IN FAVOR OF OUR NATION. AGREE THAT PEOPLE ARE FACING PROBLEMS AND I AS AN INDIVIDUAL TOO BUT THEN THIS IS FOR THE GOOD CAUSE AND WE ALL SHOULD CO CORPORATE FOR SOME DAYS. AND THANKU PREETI THIS ARTICLE REALLY HELPED ME.

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