Another surgical strike but this time it’s against corruption, terror funding and black money by demonetization of higher value currency notes – 500s and 1000s. Prime MinisterNarendra Modi” once again takes the charge and announce a very bold step to hold back the corruption, terror funding and black money. It will positively impact over country’s GDP and improve overall monetary value, but on the other side, it will surely makes few people depressed about their holdings (that’s obviously black money or the amount that will used in coming events – elections, events, parties, etc.).

Just like the surgical strike, P.M. Modi takes this bold step and get an approval from everyone to allow this demonetization. This sudden act somehow inconvenient for common people, but it’s a great move for the betterment of the country.

Demonetization - Surgical Strike on black money

According to the NDTV profit report, 50% return of black money will impact over Indian Rupee Value on the market and it will turn into 58 rupees per dollar which is currently 66 rupees per dollar.

The PM voided the circulation of higher value currencies 500 and 1000s on an immediate effect from the November 8th, 2016’s midnight. According to the authorities of RBI, only the Govt. associated milk booths, Govt. Hospitals and authorized public petrol pumps can accept these currencies for next 72 hours.

Prime Minister Narendra Modi announced this demonetization on Nov 8th at 08.35 PM in the evening and within 10 minutes, people were gathered on public petrol pumps and ATM. Everyone is talking about this step, some appreciated it and some shows their aggression over this sudden act.

Demonetization Strike Effect

According to the announcement-

  • People can deposit old currency in the bank account without any limit but within next 50 days. This deposit will hold withdrawal limit like – people can withdraw only 10,000 rupees per day and 20,000 per week, which will further upgrade.
  • All banks and post offices will allow to collect these currencies till 30th Dec and with proper documents such as – ID proofs, ITR and records, people can deposit their holdings till 30th March, 2017.
  • Up to coming 24th November, 2016, people can exchange their old currency with a fixed limit of 4000 rupees.
  • People can proceed their non-cash payments through DD, Credit cards and online transactions without any restriction.
  • For a regular cash flow, there will be new 500 and 2000 rupee notes available from November 10th, 2016.
  • Due to the immediate effects, on November 9th & 10th, 2016 will be dry day for ATM’s and banks also closed for people on November 9th.

Click here to know all clauses and details about the announcement!

Check Out the PM Narendra Modi’s Tweet:

Take a look at the announcement speech of Honorable Prime Minister “Narendra Modi” here:

Check details about what can you do with your old currency beneath:

Old and new notes exchange details

Modi’s brave move is appreciated by everyone and it shows at social media where Amitabh Bachchan and Rajnikanth praised and likes it –

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