In the war against Pakistan, Modi has dropped a bomb against all the corrupted people who steal away the money from common man of India. Today, he announced that Rs 500, Rs 1000 currency notes will be abolished. The news exploded like a bomb when Prime Minister Modi came on screen to reveal his new step to eliminate corruption, forgery and black money.
It is a bold step from our Prime Minister Modi which will change the whole course for our nation. It takes guts and I must say that it’s a masterstroke. Sure, it will cause a little problem to the common man but it will be for a very short period of time about 15-20 days which I think is Okay… given that the whole nation’s economy is gonna rise.
Key Points from the Speech
- Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.
No longer these notes are valid. PM has given a deadline before which each and everyone should deposit their old 500 and 1000 RS notes in the banks or post office. The person who fails to do so by 30th December may have to put some extra efforts afterwards. They may be asked to provide their complete identity and show the source of their money. So, get it exchanged before 30th December.
- 500 & 1000 Rs notes are just a piece of paper.
Although big notes has been demolished from our currency but notes that are in lower denomination such as 5-10-100 and all coins are still valid. He also announced that new notes of 2000 and 500 Rs will be made available on 10th Nov by RBI (Reserve Bank Of India)
Modi also said that there will be no change in other form of money transfer, i.e., cheque, DD, payments via credit or debits etc…
- Checks on Money Withdrawal
There is a limit to how much money one can withdraw in a single day or week. There is a limit of 10,000 Rs withdraw on a single day and 20,000 Rs withdraw in a week. Businessmen are sure going to be sad about this decision but if Modi has announced it then there ought to be a reason behind it. Let’s see how it turns out.
Banks will be closed for 2 days straight. Prime minister said that Banks will be shut for 2 days and that he relies on his staff that they will perform their duties with all sincerity. They will try to reimburse all ATM’s with new notes so as to avoid any difficulties to the people. He also said – there are a very few moments when people of nation gets chance to actually do something for the growth of their nation and that they should feel proud about it and work in cohesion to achieve a better tomorrow.
What do you think about this masterstroke from our PM Narendra Modi? Eagerly waiting for your replies on the same.
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