In a major decision aimed at tackling black money in India, the Narendra Modi Government has banned existing 500 and 1000 rupee currency note from midnight today. While the decision is a monumental step towards reducing black money in the country - it has taken common citizens by surprise. Let's look into the issue in detail and see how the common citizen is going to get affected.
Great Great Move - One single strike that breaks the backbone of black money hoarders
There cannot be any doubt about the positive intent behind the move. With a single strike the government has cast a massive blow on black money hoarders. Further it would help in bringing down corruption and make the economy cleaner.
How Am I Going to Be Affected - What Should I Do
In the short run you would have to exchange your existing cash (Rs 500 and 1000 notes). You have time till end of December to do that. There is limit on the deposit and Withdrawl limits placed initially. Cash withdrawals from ATM is restricted to Rs 2000 per day till November 24 2016 (the limits are likely to revised)
For initial 72 hours you can use these notes at places like petrol pumps and goverment hospitals etc.
However you would need to get your money out in denominations that are legal tender (Read Rs 100 or below)
DO NOT PANIC - The Government has given a roadmap
The government has planned this - ATM would be restocked and from 11th you should be able to withdraw money that you need. You have good 50 days to deposit existing cash in the scrapped denominations
Also Read: Arun Jaitley said Tax would be on Deposited Money
Quick Tips for dealing with banned Rs 500 and Rs 1000 cash notes
1. Avoid rushing to ATMs and Petrol Pumps - try to go cashless - use credit cards/debit cards
2. Use cash wallets like PayTm for paying for Cabs, Hotel orders etc
3. In case you really need to pay someone but do not have cash - write cheques. There is no restrictions on Cheques
4. Resort to Online Fund Transfers
5. Do Not get unduly worried - if you have query call the Reserve Bank Control Room Number
022-22602201 and 022-22602944
If you have any queries - feel free to drop in your comments
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