Rs 500 and Rs 1,000 currency notes banned, new Rs 2,000 note to be out on 10 November
An unprecedented move, Prime Minister Narendra Modi on Tuesday added a lethal edge to India’s fight against black money by announcing that the currencies in the denominations of Rs 500 and Rs 1,000 will be invalid when the clock strikes 12 midnight of 8 November. The demonetisation of Rs 1,000 and Rs 500 notes is a major assault on black money hoarders, fake currency, and corruption. ATM withdrawals will be restricted to Rs 2,000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. The public will have 50 days between 10 November and 30 December to deposit old notes of Rs 500 and Rs 1,000 after showing a proof of identity. The accepted POI documents include Pan Card, Aadhaar Card, Voters ID Card, Driver’s License and Passport.
Next day morning the urgent meeting was called by our chief mentor Mr. Deepak Menaria, and we decided to interview general public and business owners of all kind and know their response against the action taken by PM Modi. After the two days of interview process, the results was, that 90% of public consider this as the positive step and they are ready to support the initiative by keeping peace and stand in queue for demonetized money exchange and deposits in the bank. The public validated that this step will end up corruption and control the sky touching prices of real estate and gold.
Followed by the interview, the panel discussion was arranged at Lemon campus which is addressed by Mr. Girish Raju (Ex-Banker), Mr. Sudhir Dara (Charted Accountant). Girish Raju said “For time being, I thought this is some kind of joke which got viral on WhatsApp but when the bankers started calling and asking me about the news I came to know that this actually happens.’ He also said ‘The banker have to decide the strategy to get control over this situation and although the banks were closed for two days they were busy in collecting the regulating circulator, guidelines given by government and RBI.” Normally the public thinks that bankers have 8 hours schedule but in reality, they work for more than 12 hours a day.
Mr. Dara also added their view regarding the action. He said that this action was very secretly carried by the government and many enemies are targeted by the single arrow like Terrorist act, corruption, fake currency and much more. Also the creation of the positive environment for GST tax regulation Adding to the issue, they witnessed that in upcoming times the rate of inflation is going to go down, the market of real estates and jewelry business is going to be in control. The general public will afford their dream houses.
Overall the few weeks will be troublesome for the public but this will open many opportunities regarding getting their dream home in main city area, the startup will get funds for the operation through banks in lower interest rates and the public will enjoy the equality in terms of tax payment and this kind of activities will make difficulties for illegal and unethical practices.