War on Black Money
War on Black Money – Your Rs 500 & Rs 1000 Notes are Invalid
Midnight of November 9th 2016, All Indian citizens stick to their tv channels just to listen to Prime Minister Narendra Modi.
No one expected the reason behind his emergency address speech where he revealed that 500 & 1000 rupee notes are to be discontinued from midnight today this was a sensational news came out when the whole country didn’t even have any clue.
This decision of ban on the 500 & 1000 notes by the present government can show the major effect on the Indian Indian economy. It is also revealed to withdraw the amount every person have some limitations. Every Citizen can only withdraw a maximum of 10,000 RS either from the bank or from the ATM in a day and allowed to withdraw 30,000rs per week.
How Hashmukh Adhia Supported the Mission
Hashmukh Adhia, Revenue Secretary (Ministry of Finance of Government of India). On November 9th night the statement of Adhia created panic among the holders of 500 & 1000 notes.
The statement from Adhia was: The government would be getting complete deposited reports from 10th November to December 30. All the details will be matched by the tax department with income of the individual depositor and the further proceeding would be taken place.
This Adhia’s caution makes it clear saying the whole process of the crackdown was to break the flow of black money or the fake currency in the market.
Main Motto behind the Band of 500RS & 1000RS Notes from Today
India desition on restricting the notes 500 & 1000 is to find 1.25 lakh crore black money. The Government of Modi believes that with this action the circulation of the black money come down.
We have to wait and see how the things will turn out and how it results in the economy of India.
Where can I Exchange/ Deposit my Rs 500 and Rs 1000 Notes?
Everyone can exchange their money for this year that is from November 10 to December 30. You can deposit your money in the nearest bank or else in the post office. No limitations will apply to deposit the amount but the there are some restrictions on withdrawals of the amount, One can only withdraw 10,000rs per day and 30,000 in a week this is very less to mention but yes this amount limitation can be increased in the coming days.
What do you Require to Exchange the Money:
One can exchange the money at banks, head post offices and sub-post offices. You must carry your valid identity proof cards while going for the exchange like PAN, Aadhaar and Election Card.
The Government did not keep any restriction on non-cash payments by cheques, DDS, debit or credit cards and electronic fund transfer.
2000 Note – Added to the Regular Currency Circulation over India
A special added attraction stated in the speech by Prime Minister Narendra Modi that is to avoid the chaos in the Indian finance the Indian government came up with new note 2000 RS.
Situation in Indian on 9th November Night :
The situation completely changes in independent India on that night where
Poor is laughing
Rich is Crying
Middle class is waiting to see the future
Ways People Choosing to Make their Black Money into White:
Black money is tax eluded from income. Earned in both the possible ways either that can be legal or illegal. Black money will not have any records & books of government or we can say the income received in cash.
How to Convert Black Money to White Money’ Query is Popular on Google India :
Unexpected results to see after the speech of Narendra Modi. After listening to this here comes a statement “The honest person has the satisfaction to be honest and the not-so-honest worry.”
Haryana is in the top of the list on searching the query “How to Convert Black Money to White Money’ where Gujarat follow it right behind,If you amend the google search you can see the clear results.
There are many other states asking the same question “How To Exchange Black Money For New Notes” like Punjab, Delhi. In overall Indian the searches on the conversation of black money to white, how the new note will be and securities added to it is the special case studies on Thursday night in the searches.
India has over 277 million internet users, It takes the second position after china according to the 2016 reports.