Will Withdrawing Old Notes & Introducing new Rs 500, Rs 2000 notes curb black money problem in India?

This is a historical moment for India I feel as finally the toughest decision of Indian economy has been taken by Mr. Narendra Modi, The honorable Prime Minister of India. Now onward the old notes of Rs 500 & Rs 1000 will be discontinued and you have to exchange them with new notes of Rs 500 & Rs 2000 from nearest post office or bank as per instruction.

The process of exchanging the old notes with new notes will be disclosed soon, as this is not yet clear though. But you can read the complete story here in deccanchronicle. Besides that the below picture will tell every thing about this step.

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ban of rs 500 rs 100 in India

Although there might be many question on this step and how this will happen in a country like India where the number of population is huge. But with time, things will definitely work and hopefully this step will curb the black money accumulation in our country.

From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.

So, what do you think about this step? Will it really be able to curb black money in India? Is our banks & post offices so much equipped to handle to replace such huge cash flow in such short period of time? What would be the impact in our everyday shopping? Lot’s of questions are coming and I hope we all will get answers to that in a positive way only. Definitely a great move and we have to wait & watch how things happen in coming days…

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Will Withdrawing Old Notes & Introducing new Rs 500, Rs 2000 notes curb black money problem in India?
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About the Author: Santanu

I am a passionate blogger and personal finance enthusiast. Mostly share about investment tips, insurance guide, banking how to guides and various personal finance hacks through my blog. Checkout my first YouTube Channel on Personal Finance Guide.

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